Firm Matters
BackKhaitan & Co acted as sole Indian legal advisor to Vedanta Resources Finance II plc in relation to the U.S.$500,000,000 9.125% guaranteed senior bonds due 2032 by it under Rule 144A / Regulation S of the U.S. Securities Act, 1933 and guaranteed by each of Vedanta Resources Ltd, Twin Star Holdings Ltd, Welter Trading Ltd and Vedanta Holdings Mauritius II Ltd. The bonds will be listed on the Singapore Stock Exchange. The net proceeds from the offering of the Bonds will be used to repay existing debts and for general corporate purposes. Citigroup, Barclays, J.P. Morgan, Mashreq, SMBC Nikko and Standard Chartered Bank acted as joint global coordinators and managers to the issue the Bonds.
The bonds received final orders of over US$1.6 billion, recording more than 3x oversubscription from existing as well as new set of investors across APAC, EMEA and US with 97% participation from asset managers / fund managers. The final allocation of the bonds reflected the broad-based support including 47% from Asia, 24% from EMEA, and 29% from US
Deal Team
The core team consisted of Manisha Shroff (Partner), Rajshekhar Upadhyaya (Principal Associate), Aparna Arya (Senior Associate), Nikunj Mehta (Senior Associate) and Satyawati Sinha (Associate).
