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Vedanta Resources raises $1 billion through bonds, will use net proceeds to repay debt

New Delhi: Vedanta Resources on Friday said it has raised $1 billion through bonds and will use the net proceeds mainly to repay debt.

"Vedanta Resources...through its wholly-owned subsidiary, Vedanta Resources Finance II plc...today raised $1 billion through bonds sold in two tranches resulting in a blended average cost of 8.75 percent and average maturity is 5.8 years," the company said in a filing to London Stock Exchange.

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Representational image. Reuters.

The company intends to use the net proceeds primarily to repay the debt of the company, it said.

The bonds, which were sold in two tranches, attracted interest from global investors across Europe, North America and Asia, it said.

"The transaction is undertaken as part of proactive liability management by the company and shall help extend average tenor of its outstanding debt from 3.2 years pre-transaction to about 4 years," it said.

Credit Suisse (Hong Kong), J P Morgan Securities plc and Standard Chartered Bank acted as joint global coordinators, joint lead managers and joint bookrunners.

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Updated Date: Apr 12, 2019 15:00:36 IST