Vedanta Resources buyback offer gets $943 million bond bids

Mumbai: Vedanta Resources has received tenders for about $943 million of its outstanding dollar bonds under an early participation window of its debt buyback offer, a key step in the miner's ongoing efforts to manage maturities and refinance debt. The tender offer, launched on June 9, sought to repurchase portions of US dollar bonds of $2.1 billion outstanding.

The early tender results represent about 45% of the $2.1 billion outstanding across four bond series maturing between 2030 and 2033. Debt capital market executives said it was a good response from investors because a large portion of them are comfortable holding the bonds due to their attractive yields and Vedanta's improving refinancing profile.