SOVEREIGN DEBT RESTRUCTURING | MASTERCLASS

A deep dive masterclass on sovereign debt restructuring, to be conducted virtually by Asian high yield bond expert Florian Schmidt.

30 June 2022 (Thu), 5pm Singapore/HK time

Mining conglomerate Vedanta Resources increased its late consent fee for bondholders of its $900mn 8.25% bonds due 2021 that give consent after the early bird deadline of January 27 but by Friday, January 29. Vedanta sweetened the offer from $0.50 to $0.99 per $1,000 in principal. The company had launched the initial consent solicitation on January 11, offering $1 per $1,000 in principal to holders of its 2021s, $1bn 6.375% 2022s, $500mn 7.125% 2023s, $400mn 8% 2023s, $1bn 6.125% 2024s, $1bn 13.875% 2024s and $600mn 9.25% 2026s who agreed to the amended terms by January 27. The amended terms are to allow the company to take on more debt in order to increase its stake in India-listed Vedanta Ltd. The revised late consent fee is only on the 2021s and not on the other bonds mentioned in the initial consent solicitation.

Vedanta’s 8.25% 2021s and 6.125% 2024s were trading largely stable at 100.8 and 76.38 on the secondary markets.

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