Vedanta Resources plc has announced the expiration and results of its previously announced tender offers to purchase for cash (the “Tender Offers”) any and all of its outstanding US$ 774,772,000 6.00% Bonds due 2019, CUSIP: G9328D AH3, ISIN: USG9328DAH38 (Regulation S); CUSIP: 92241T AH5, ISIN: US92241TAH59 (Rule 144A) (the “2019 Bonds”) and US$ 900,000,000 8.25% Bonds due 2021, CUSIP: G9328D AG5, ISIN: USG9328DAG54 (Regulation S); CUSIP: 92241T AG7, ISIN: US92241TAG76 (Rule 144A) (the “2021 Bonds” and, together with the 2019 Bonds, the “Bonds”). The Tender Offers expired at 8:00 a.m. New York time, on 3 August 2017 (the “Expiration Time”). At the Expiration Time, valid tenders had been received with respect to US$522,513,000 of the 2019 Bonds and US$229,843,000 of the 2021 Bonds. None of the 2019 Bonds or the 2021 Bonds were tendered pursuant to the guaranteed delivery procedures described in the tender offer memorandum in respect of the Tender Offers dated 27 July 2017 (the “Tender Offer Memorandum”).
The Company has accepted for payment all of the Bonds validly tendered prior to the Expiration Time pursuant to the Tender Offers. On 9 August 2017, such tendering bondholders will receive the purchase price in the amount of US$ 1,053.75 per US$ 1,000 principal amount of 2019 Bonds tendered and accepted for purchase and US$ 1,117.50 per US$ 1,000 principal amount of 2021 Bonds tendered and accepted for purchase, plus accrued and unpaid interest to, but not including, the payment date.
The Company will arrange for cancellation of all Bonds validly tendered and accepted for purchase following purchase by the Company, and any Bonds not validly tendered will remain outstanding and accrue interest in accordance with their terms. Following the cancellation of validly tendered Bonds, US$252,259,000 of the 2019 Bonds and US$670,157,000 of the 2021 Bonds will remain outstanding.
Vedanta Resources plc is a globally diversified natural resources company with interests in Zinc, Lead, Silver, Oil & Gas, Aluminium, Copper, Iron Ore, and Power. Vedanta’s world class assets located primarily in India and Africa generated US$11.5 billion of revenue, US$3.2 billion of EBITDA and US$1.5 billion of free cash flow in fiscal year 2017.
Vedanta’s key strengths include its large, low cost and diversified asset base with an attractive commodity mix, market-leading positioning to capitalize on India’s growth and natural resource potential, well-invested assets driving a strong financial profile and cash flow growth, as well as a highly-experienced management team with a proven track record.
