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Clifford Chance advises on successful consent solicitation in relation to bonds issued by Vedanta Resources

23 February 2024

Clifford Chance advises on successful consent solicitation in relation to bonds issued by Vedanta Resources

Global law firm Clifford Chance has advised J.P. Morgan Securities plc and Standard Chartered Bank, the Solicitation Agents, as international counsel on the consent solicitation process in relation to US$1 billion 6.125% bonds due 2024, US$1 billion 13.875% bonds due 2024, US$1.2 billion 8.95% bonds due 2025 and US$600 million bonds due 2026 issued or guaranteed by Vedanta Resources Limited ("Vedanta").

The consent solicitation involved four series of bonds as part of an exercise to extend the debt maturity profile of Vedanta, and to amend certain covenants to allow for existing and additional indebtedness, to improve the credit package for bondholders, as well as to account for anticipated changes resulting from Vedanta Limited's announced demerger of its businesses.

Partner Alan Yeung led the Clifford Chance team, with support from partner Mark Chan, senior associate George Mok, registered foreign lawyer Teri Teng and associate Sammi Liu.

Alan said, "We are proud to have advised the Solicitation Agents in Vedanta's consent solicitation process in relation its bonds. This is especially significant at a time when companies are finding ways to refinance or deal with debt maturities in a macroeconomic environment that is not conducive to new issuances. The consent solicitation process has resulted in successful amendments to the terms and conditions, and certain waivers relating to, the relevant series of bonds. The success of this project demonstrates our ability to assist our clients with consent solicitation settlements and liability management transactions."

Vedanta Resources Limited is a diversified global natural resources and technology company serving customers worldwide which mines zinc-lead-silver, iron ore, steel, copper, aluminium, power, and oil and gas.