Latham & Watkins
and Amarchand & Mangaldas & Suresh A Shroff & Co have advised London-based diversified metals and mining company Vedanta Resources Plc. on a $1.7 billion bond offering in India.
The majority of Vedanta’s assets are in India and it owns shares in local mining companies including Sesa Goa Ltd., Cairn India Ltd., and Sterlite Industries Ltd. The bonds were offered in two tranches—a five year $1.2 billion tranche yielding 6 percent and a ten-year $500 million tranche at 7.125 per cent.
Proceeds from the offering will be used to refinance debt and for general corporate purposes.
Latham’s team on the deal included partners Rajiv Gupta and Timothy Hia in Singapore, Lene Malthasen in London and David Miles in Hong Kong. The firm also acted as advisor to Vedanta last year on its $9.6 billion acquisition of a controlling stake in the Indian oil and gas unit of U.K.-based Cairn Energy.
Amarchand’s team was led by Delhi partner Prashant Gupta. The firm also acted for the underwriters Barclays Bank, Citigroup Global Markets, J.P. Morgan Securities, Merrill Lynch, Pierce, Fenner & Smith, The Royal Bank of Scotland, Standard Chartered and Deutsche Bank AG Singapore. Amarchand has previously advised Vedanta on several matters, including a major restructuring last year.