Creditor update in relation to certain notes issued by Vedanta Resources Finance II Plc
US$1,000,000,000 13.875% NOTES DUE 2024 (ISIN: USV9667MAA00 (Regulation S) AND US92243XAD30 (Rule 144A)) (THE "2024 GUARANTEED NOTES"); AND
US$1,200,000,000 8.95% NOTES DUE 2025 (ISIN: USG9727HAD62 (Regulation S) AND US92243XAE13 (Rule 144A)) (THE "2025 GUARANTEED NOTES", TOGETHER WITH THE 2024 GUARANTEED NOTES, THE "GUARANTEED NOTES")
EACH ISSUED BY VEDANTA RESOURCES FINANCE II PLC AND GUARANTEED BY TWIN STAR HOLDINGS LIMITED, WELTER TRADING LTD AND VEDANTA RESOURCES LIMITED (TOGETHER WITH ITS SUBSIDIARIES, THE "COMPANY")
LONDON, Nov. 6, 2023 - On 28 September 2023, Cleary Gottlieb Steen & Hamilton LLP ("CGSH") sent a letter (the "28 September Letter") to the Company on behalf of a group of investors (the "Ad Hoc Group") holding nearly 25% of the 2024 Guaranteed Notes and nearly 25% of the 2025 Guaranteed Notes. The Ad Hoc Group is also in close contact with other large holders of the Guaranteed Notes who have institutional impediments to joining the Ad Hoc Group but have lent their support. Together with such holders, the Ad Hoc Group represents a clear blocking stake in each of the 2024 Guaranteed Notes and the 2025 Guaranteed Notes.
In the 28 September Letter, the Ad Hoc Group expressed its willingness to engage with the Company with the goal of negotiating a consensual liability management transaction relating to the Guaranteed Notes (the "LMT"), and asked the Company to respond urgently given the imminent maturity of the 2024 Guaranteed Notes. Moreover, on 29 September 2023, CGSH delivered to the Company and its financial advisors a term sheet (the "LMT Term Sheet") outlining the Ad Hoc Group's proposal for a consensual LMT.
On a recent call with certain members of the Ad Hoc Group, the Company relayed its agreement to engage with the Ad Hoc Group once its negotiations with the lenders under the new money syndicate are finalized, and before any LMT is launched. The Ad Hoc Group looks forward to its upcoming discussions with the Company.
Holders of the Guaranteed Notes are invited to contact Solomon J. Noh or Polina Lyadnova should they wish to obtain a copy of the 28 September Letter or the LMT Term Sheet.
The contact details for Mr. Noh and Ms. Lyadnova appear below:
| Solomon J. Noh | sjnoh@cgsh.com Office: +44 (0) 20 7614 2306 Mobile: +44 (0) 78 4132 3679 |
| Polina Lyadnova | plyadnova@cgsh.com Office: +44 (0) 20 7614 2355 Mobile: +44 (0) 77 8330 0736 |
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SOURCE Vedanta Resources Finance II Plc
