Vedanta Resources blow-out relieves refinancing risk
Metals and mining company Vedanta Resources removed the threat of an imminent downgrade after a tweak in bookbuilding strategy allowed the Indian firm to price the country’s largest ever corporate deal in US dollars.
The London-listed company issued a $1.2bn 5.6 year deal at 6%, the lowest coupon for that maturity in a G3 currency deal in Asia ex-Japan. It also priced a $500m 10 year tranche at 7.125%.
Announcing initial price thoughts of low to mid-6% for the 5.6 year and
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