Vedanta Resources PLC Bond Buy Back Announcement (4709O)

TIDMVED

RNS Number : 4709O

Vedanta Resources PLC

09 February 2016

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES OF AMERICA, ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS), ANY STATE OF THE UNITED STATES, AND THE DISTRICT OF COLUMBIA (THE "UNITED STATES") OR TO ANY U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (EACH A "U.S. PERSON")) OR TO ANY PERSON LOCATED OR RESIDENT IN ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT. OTHER RESTRICTIONS APPLY (SEE "OFFER AND DISTRIBUTION RESTRICTIONS" IN THE TENDER OFFER MEMORANDUM).

9 February 2016

On 1 February 2016, Vedanta Resources plc (the "Offeror") launched an invitation to holders of the outstanding bonds detailed in the table below to tender their Bonds for purchase by the Offeror for cash (the "Offer") at a price to be determined pursuant to a modified Dutch auction.

Further to the above-mentioned announcement, the Offeror hereby announces that:

(a) the Maximum Acceptance Amount of the outstanding Bonds that the Offeror might purchase has been increased from U.S.$250,000,000 to U.S.$321,900,000; and

(b) the Acceptance Amount and the Purchase Price are set out in the table below:

 
  Description        Common         Outstanding       Specified        Maximum          Purchase         Acceptance 
     of the         code/ISIN        principal       Denomination     Acceptance          Price             Amount 
      Bonds                            amount           of the          Amount 
                                     following          Bonds 
                                     settlement 
                                       of the 
                                       Offer 
---------------  --------------  ----------------  --------------  ---------------  ----------------  ---------------- 
    Vedanta        043472208/     U.S.$582,200,00   U.S.$100,000        Up to          U.S.$98,000     U.S.$321,900,00 
   Resources       XS0434722087          0                          U.S.$321,900,0         per                0 
     Jersey                                                               00          U.S.$100,000      in aggregate 
    Limited                                                          in aggregate     in principal        principal 
 U.S.$1,250,000                                                       principal          amount            amount 
      ,000                                                              amount           of the            of the 
      5.50                                                                                Bonds             Bonds 
      per 
     cent. 
   Guaranteed 
  Convertible 
     Bonds 
      due 
      2016 
      (the 
    "Bonds") 
---------------  --------------  ----------------  --------------  ---------------  ----------------  ---------------- 
 

Capitalised terms used in this announcement but not otherwise defined have the meanings given to them in the tender offer memorandum dated 1 February 2016 (the "Tender Offer Memorandum").

All Bonds tendered (or deemed, pursuant to a Non-Competitive Offer, to be tendered) at an Offer Price below the Purchase Price have been accepted in full without pro-ration. Bonds submitted pursuant to Competitive Offers at an Offer Price higher than the Purchase Price will not be accepted pursuant to the Offer. Because the aggregate amount of Bonds tendered at an Offer Price lower than or equal to the Purchase Price exceeds the Acceptance Amount, all Bonds tendered at the Purchase Price will be pro-rated with a pro-ration factor of 30 per cent., as provided in the Tender Offer Memorandum.

The total consideration payable to each Bondholder in respect of Bonds validly submitted for tender and accepted for purchase pursuant to the Offer, will be an amount in cash (rounded to the nearest U.S.$0.01, with U.S.$0.005 rounded upwards) equal to the sum of (i) the Purchase Price in respect of the aggregate principal amount of such Bonds validly tendered by a Bondholder and accepted for purchase by the Offeror (the "Purchase Consideration") and (ii) the Accrued Interest Payment in respect of such Bonds (of U.S.$412.50 per U.S.$100,000 in principal amount of the Bonds).

The expected Settlement Date for the Offer is 10 February 2016.

Following settlement of the Offer on 10 February 2016, U.S.$582,200,000 of the above Bonds shall remain outstanding.

In accordance with the Terms and Conditions of the Bonds the purchased Bonds may either be surrendered by the Offeror, at its sole discretion, to Vedanta Resources Jersey Limited for cancellation or be held until their maturity date.

Contact Details:

THE OFFEROR

Vedanta Resources plc

6 St Andrew Street

London EC4A 3AE

United Kingdom

THE DEALER MANAGERS

 
           J.P Morgan Securities plc                                   Standard Chartered Bank 
            25 Bank Street                                              8 Marina Boulevard, Level 
            Canary Wharf                                                20 
            London E14 5JP                                              Marina Bay Financial Centre 
            United Kingdom                                              Tower 1 
                                                                        Singapore 018981 
            Telephone: [phone] 
            Attention: ECM Europe Syndicate                             Telephone: [phone] 
            Desk                                                        Attention: Liability 
            Email: [e-mail]              Management 
                                                                        Email: [e-mail] 
 

THE TENDER AGENT

Lucid Issuer Services Limited

Tankerton Works

12 Argyle Walk

London WC1H 8HA

United Kingdom

Telephone: [phone]

Attention: Thomas Choquet

Email: [e-mail]

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES OR IN ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DO SO.

Neither this announcement, the Tender Offer Memorandum nor the electronic transmission thereof constitutes an offer to buy or the solicitation of an offer to sell Bonds (and tenders of Bonds for purchase pursuant to the Offer will not be accepted from Bondholders) in any circumstances in which such offer or solicitation is unlawful.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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February 09, 2016 02:00 ET (07:00 GMT)