Allen & Overy has advised the dealer managers and the joint lead managers on a debt refinancing transaction for Vedanta Resources plc, one of the world’s largest diversified natural resources companies.
The transaction involved abbreviated cash tender offers by Vedanta for any and all of its USD775m bonds due 2019 and USD900m bonds due 2021 and a concurrent Rule 144A / Reg S offering of USD1bn in bonds due 2024 to finance the tenders and other indebtedness of the company.  The transaction follows a similar liability management transaction by Vedanta in January of this year and is part of a comprehensive refinancing plan announced by the company that has allowed Vedanta to proactively refinance part of its 2019 and 2021 bond maturities and eliminate significant bank loan repayments due over the next 18 months. As a result, the company has no significant debt maturities until 2019.
 
Commenting on the transaction, U.S. securities partner Amit Singh said: “We are pleased to act again for the dealer managers and joint lead managers on this transaction for Vedanta.  This is a significant transaction which involved applying the abbreviated U.S. tender offer rules within the context of the liability management exercise and new issue by Vedanta.”
 
The Allen & Overy team was led by partner Amit Singh, supported by counsel Michele Discepola, senior associate Felipe Duque, associate Bryna Djuhar and trainees Christopher Hewitt and Raashi Mukherji.