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This is the largest-ever US dollar Indian corporate bond issuance and the first triple-tranche high-yield US dollar bond issuance from India
Linklaters has advised the joint lead managers on Vedanta’s US$1.75bn multi-tranche guaranteed senior bond issuance, together with concurrent tender offers and consent solicitations, as part of a broader refinancing transaction.
Vedanta Resources Limited is the holding company of the Vedanta Group, a globally diversified natural resources group.
The transaction comprised an aggregate principal amount of US$1.75bn guaranteed senior bonds, including US$500m 7.000% bonds due 2032, US$700m 7.375% bonds due 2034 and US$550m 7.750% bonds due 2037.
Proceeds from the offering will be used to refinance Vedanta’s existing bonds maturing between 2028 and 2033, including through concurrent tender offers and redemptions undertaken in connection with the consent solicitations. As part of the liability management exercise, Vedanta exercised a call option in respect of its bonds maturing in 2028, a make-whole call for its bonds maturing in 2029, and launched concurrent tender offers and consent solicitations for its remaining series of bonds maturing in 2031, 2032 and 2033.
The Linklaters team was led by partner and Head of India Practice Amit Singh and capital markets partner Michele Discepola. The transaction brought together the firm’s debt capital markets and liability management expertise to support complex and wide-ranging refinancing needs across multiple workstreams and jurisdictions.
Amit Singh, Head of India Practice at Linklaters, commented:
“This transaction marks an important milestone for the Vedanta Group and for the Indian high-yield market. Its successful execution reflects strong international demand for Indian credits and highlights the importance of seamless cross-border coordination, technical expertise and timely execution in delivering complex refinancing solutions. As a long-standing adviser, we are proud to have supported the Vedanta Group in strengthening its debt maturity profile and securing long-term financing from global investors.”
With more than 50 years of on-the-ground experience in Asia, Linklaters has an established track record as the leading Indian capital markets practice, providing clients with practical expertise and commercial insights to capitalise on opportunities. The transaction builds on the firm’s continued work with the Vedanta Group across debt and equity capital markets, including its previous advice on Vedanta Resources Finance II plc’s US$900m bond issuance and Vedanta Limited’s qualified institutions placement. Linklaters’ market-leading team led the tables as issuer’s legal counsel and managers’ legal counsel in Debtwire’s Asia Pacific (ex-Japan) High Yield Bonds Legal Advisors’ Rankings 2025.