Clifford Chance

Clifford Chance advises on Vedanta Resources' US$1.1 billion bond issuance and concurrent tender offers

Global law firm Clifford Chance has advised Barclays, Citigroup, Deutsche Bank, First Abu Dhabi Bank, J.P. Morgan, Mashreq and Standard Chartered Bank as joint global coordinators and managers on Vedanta Resources Limited's US$1.1 billion bond issuance, which consists of two tranches: US$550 million of 9.475% bonds due 2030 and US$550 million of 9.850% bonds due 2033. The concurrent tender offers covered its outstanding 13.875% bonds due 2028 and the 9.25% bonds due 2026. The bonds, listed on the Singapore Stock Exchange, were oversubscribed, with proceeds to be used to prepay Vedanta's outstanding bonds, cover related transaction costs, and service other debts.

Lead partner Alan Yeung said, “We are delighted to have played a role in Vedanta Resources' successful US$1.1 billion bond issuance, marking the culmination of their complete refinancing of restructured bonds. The oversubscription highlights the strong demand from international investors, further solidifying Vedanta's position in the global market."

The Clifford Chance team was led by Alan in Hong Kong with support from counsel Ying Chiang Chong, senior associate Charlotte Tan and associates Alec Duncan and Joel Sherard in Singapore.

Vedanta 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.

Clifford Chance has advised on Vedanta Resources' international bond transactions, including four successive issuances totalling US$3.1 billion, marking the largest amount raised by an Indian issuer over the past three years. These include its US$800 million Dual Tranche bond in December 2024, US$900 million bond issuance and concurrent tender offers in October 2024. In February 2024, Clifford Chance also advised on Vedanta's successful consent solicitation in relation to issuing or guaranteeing four series of bonds.