Six firms advised on Vedanta Resources Finance II’s issuance of USD900 million 10.875% guaranteed secured notes due 2029.
Khaitan & Co represented Vedanta Resources Finance II, a subsidiary of Vedanta Resources, while Pittas & Koullouros advised on Cypriot law and Linklaters counselled on English law for the issuer.
The Khaitan core team consisted of partner Manisha Shroff, senior associates Rajshekhar Upadhyaya and Chirag Gohil, and associates Nikunj Mehta, Ananya Bharadwaja, Jhanvi Shah and Shubha Ojha. Partner Moin Ladha worked on the Securities and Exchange Board of India disclosures and aspects involving the Takeover Code, while partner Ritu Shaktawat assisted on direct tax laws.
Linklaters advised Vedanta Resources Finance II on its tender offer for 13.875% bonds due in 2027 and 13.875% bonds due in 2028. Partner and head of India practice Amit Singh and capital markets partner Michele Discepola led the team, with the assistance of senior US associate Grace Yumul-Villanueva and associate Yosua Kanata.
In the transaction, Clifford Chance acted for the banks, TT&A counselled them on Indian law and BLC Roberts & Associates provided Mauritian law advice.
“Vedanta is a sophisticated borrower, and the team there is well versed with the nuances of such transactions and the work involved, which led to its efficient execution and completion,” said Priyanka Kumar, partner at TT&A who worked on the deal.
TT&A also acted as legal advisers to the joint managers — Barclays Bank, Citigroup Global Markets, Deutsche Bank (Singapore branch), JP Morgan Securities and Standard Chartered Bank. TT&A advised on various aspects of the transaction, including compliance with regulatory frameworks and drafting the necessary documentation to facilitate the bond issuance.
Besides Kumar, the TT&A team comprised partner Rahul Gulati, managing associate Anshita Chauhan, and associates Lavanya Jha and Shrijaya Singh.
Clifford Chance also advised Barclays, Citigroup, Deutsche Bank, JP Morgan and Standard Chartered Bank, which were the underwriters and dealer managers. Alan Yeung in Hong Kong led the Clifford Chance team, with the assistance of counsel Ying Chiang Chong, and associates Alec Duncan and Joel Sherard in Singapore.
Vedanta Resources, Twin Star Holdings and Welter Trading are guarantors for the bonds, which are listed on the Singapore Exchange, marking Vedanta Resources Finance II’s first US dollar bond issuance since February 2021.
Proceeds from the issuance are expected to support the company’s strategic initiatives and general corporate goals.
Vedanta Resources Finance II is part of the Vedanta group, which is a global natural resources and technology conglomerate operating in India, South Africa, Liberia and Namibia. Vedanta Resources is a globally diversified natural resources company with interests across metals, mining, oil and gas.
