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London Stock Exchange-listed Vedanta Resources plc plans to raise $1 billion to pre-pay debt and lower cost of borrowing. The bonds, due in 2024, will have coupon of 6.125 per cent and will close for subscription on August 9, the company said in a statement on Friday.
Vedanta intends to use the net proceeds for purchase of outstanding $774 million 6 per cent bonds due in 2019 and $900 million 8.25 per cent bonds due in 2021 and to repay other existing debt. Vedanta has received and accepted purchase for $522 million of 2019 bonds and $229 million of the 2021 bonds.
The comprehensive refinancing plan is leverage neutral and is funded through a mix of bonds and term loans.
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