Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Indonesia is now considering deep cuts to nickel mining quotas as it seeks to boost slumping prices of the metal.
UK-based Vedanta Resources, parent of India’s Vedanta, has raised $900 million in its first dollar bond issue in more than two years at a coupon of 10.875%, the miner said on Wednesday.
The proceeds will be used to repay Vedanta’s existing bonds and related transaction costs, the company said.
The bonds are expected to be rated “B-” by S&P Global Ratings.
The issue received final orders of $1.45 billion from investors, an oversubscription of over 1.6 times, Vedanta said.
More than 102 investors took part in the subscription, where 41% bonds were allocated to Asia, 4% to Europe, Middle East and Africa, and 35% to the United States.
Barclays, Citigroup, Deutsche Bank, JP Morgan and Standard Chartered Bank acted as joint global coordinators and managers for the issue.
(By Meenakshi Maidas; Editing by Sonia Cheema)
Comments