BENGALURU, Sept 11 (Askume ) – Britain-based Vedanta Resources, the parent company of India’s VDAN.NS, said it has raised $900 million through its first U.S. dollar bond issue in more than two years with a coupon rate of 10.875%.
The company said the proceeds will be used to repay Vedanta’s existing bonds and related transaction costs.
S&P Global Ratings expects to assign a “B-” rating to the bonds.
Vedanta said the issue received final orders of $1.45 billion from investors and was oversubscribed by 1.6 times.
Over 102 investors participated in the subscription, with 41% of the bonds allocated to Asia, 4% to Europe, the Middle East and Africa, and 35% to the United States.
Barclays, Citigroup, Deutsche Bank, J.P. Morgan and Standard Chartered are acting as joint global coordinators and managers for the offering.
