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Vedanta markets dollar bonds for debt refinancing

Reuters - UK Focus

By Daniel Stanton

SINGAPORE, Aug 3 (IFR) - Vedanta Resources (Other OTC: VDNRF - news) , the UK-listed Indian mining and energy group, is marketing a new issue of US dollar bonds to refinance outstanding debt.

Vedanta is offering seven-year bonds, callable after four years, to yield around 6.375 percent, according to a term sheet.

It will use the proceeds to fund a buyback of existing US dollar bonds maturing in 2019 and 2021.

The size of the new issue has not been set, but Vedanta has offered to repurchase any and all of its $775 million 2019 bonds and $900 million 2021 bonds. The tender offer closes at 8am New (KOSDAQ: 160550.KQ - news) York time today (August 3).

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The new bonds come with an expected credit rating of B3 from Moody's and B+ from S&P Global (Frankfurt: 851710 - news) .

Barclays (LSE: BARC.L - news) , Credit Suisse (IOB: 0QP5.IL - news) , DBS Bank (SES: MU7.SI - news) , First Abu Dhabi Bank, JP Morgan (Other OTC: MGHL - news) and Standard Chartered (BSE: 580001.BO - news) are joint global coordinators. (Reporting By Daniel Stanton; Editing By Steve Garton)