Clifford Chance advises on Vedanta Resources’ US$900 million bond issuance and concurrent tender offers

Global law firm Clifford Chance has advised Barclays, Citigroup, Deutsche Bank, J.P. Morgan and Standard Chartered Bank as underwriters and dealer managers on Vedanta Resources Limited’s issuance of US$900 million 10.875% guaranteed senior bonds due 2029 and concurrent tender offers for its 13.875% bonds due 2027 and 13.875% bonds due 2028.

The bonds are listed on the Singapore Stock Exchange and are Vedanta’s first US dollar bond issuance since February 2021. Proceeds are intended to be used to repay Vedanta’s existing bonds (including those being tendered in the concurrent tender offer) and related transaction costs.

Lead partner Alan Yeung said, “We are proud to have advised the underwriters on this significant transaction for Vedanta. The impressive support for this bond issuance reflects strong investor interest in both the sector and Vedanta as a company. The inclusion of the concurrent tender offers optimised interest costs for the company, and the successful outcome of the transaction highlights our cross-border capital markets capability in the region.”

The Clifford Chance team was led by Alan Yeung in Hong Kong with support from counsel Ying Chiang Chong and associates Alec Duncan and Joel Sherard in Singapore.

Vedanta is a leading global natural resources and technology conglomerate operating worldwide in the zinc-lead-silver, iron ore, steel, copper, aluminium, nickel, power and oil & gas sectors. In February 2024, Clifford Chance advised on Vedanta’s successful consent solicitation in relation to issuing or guaranteeing four series of bonds.