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Offering Circular

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IMPORTANT NOTICE THIS OFFERING IS AVAILABLE ONLY TO INVESTORS WHO ARE EITHER (1) “QUALIFIED INSTITUTIONAL BUYERS” (“QIBS”) (AS DEFINED IN RULE 144A (“RULE 144A”) UNDER THE US SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”)), OR (2) NON-US PERSONS IN OFFSHORE TRANSACTIONS IN RELIANCE ON REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”). IMPORTANT: You must read the following disclaimer before continuing. The following disclaimer applies to the attached offering circular (the “Offering Circular”) following this page, whether received by e-mail or other electronic communication, and you are therefore advised to read this carefully before reading, accessing or making any other use of the Offering Circular. In accessing the Offering Circular, you agree to be bound by the following terms and conditions, including any modifications to them any time you receive any information from Vedanta Resources plc (the “Company”) or from us as a result of such access. None of Barclays Bank PLC, Credit Suisse (Hong Kong) Limited, DBS Bank Ltd., First Abu Dhabi Bank PJSC, J.P. Morgan Securities plc and Standard Chartered Bank as joint global coordinators (the “Joint Global Coordinators”) and Axis Bank Limited, Singapore Branch, Barclays Bank PLC, Credit Suisse (Hong Kong) Limited, DBS Bank Ltd., First Abu Dhabi Bank PJSC, ICICI Bank Limited - IFSC Banking Unit, J.P. Morgan Securities plc and Standard Chartered Bank as joint lead managers and joint bookrunners (the “Joint Lead Managers and Joint Bookrunners”) or any person who controls any of them or any of their respective affiliates, directors, officers, employees, agents, representatives or advisers accepts any liability whatsoever for any loss howsoever arising from any use of this e-mail or the attached Offering Circular or their respective contents or otherwise arising in connection therewith. NOTHING IN THIS ELECTRONIC TRANSMISSION CONSTITUTES AN OFFER OF SECURITIES FOR SALE IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO DO SO. THE SECURITIES HAVE NOT BEEN, AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT, OR WITH ANY OTHER SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER JURISDICTION AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ANY APPLICABLE STATE OR LOCAL SECURITIES LAWS. THE SECURITIES MAY ONLY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO UNITED STATES PERSONS (AS DEFINED IN REGULATION S) THAT ARE QIBS IN RELIANCE ON THE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT PROVIDED BY RULE 144A. ANY INVESTMENT DECISION SHOULD BE MADE ON THE BASIS OF THE FINAL TERMS AND CONDITIONS OF THE SECURITIES AND THE INFORMATION CONTAINED IN THE FINAL OFFERING CIRCULAR. IF YOU DO NOT AGREE TO THE TERMS CONTAINED IN THIS NOTICE, YOU SHOULD NOT OPEN THE ATTACHED OFFERING CIRCULAR AND SHOULD DELETE THIS E-MAIL. THIS E-MAIL AND ITS ATTACHMENTS ARE PERSONAL TO YOU, ARE CONFIDENTIAL AND MAY ONLY BE READ BY THE ADDRESSEE AND MAY NOT BE REPRODUCED OR REDISTRIBUTED ELECTRONICALLY OR OTHERWISE TO ANY OTHER PERSON. Confirmation of Your Representation: The attached Offering Circular is being sent at your request and by accepting the e-mail and accessing the attached Offering Circular, you shall be deemed to have represented to the Company, the Joint Global Coordinators, Joint Lead Managers and Joint Bookrunners that (1) you and any customer you represent are either (a) a QIB or (b)not a US person and that the e-mail address that you have given and to which this e-mail has been delivered is not located in the United States of America, its territories, its possessions and other areas subject to its jurisdiction; and its possessions include Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands and, to the extent you purchase the securities described in the attached Offering Circular, you will be doing so in offshore transactions in reliance on Regulation S; and (2) you consent to delivery of the attached Offering Circular and any amendments or supplements thereto by electronic transmission. You are reminded that the attached Offering Circular has been delivered to you on the basis that you are a person into whose possession the attached Offering Circular may be lawfully delivered in accordance with the laws of the jurisdiction in which you are located. If this is not the case, you must delete this e-mail in which the Offering Circular is attached and destroy any printed copies of the Offering Circular. You may not, nor are you authorised to, deliver or forward the Offering Circular, electronically or otherwise, or disclose the contents of the Offering Circular, to any other person. The materials relating to the offering do not constitute, and may not be used in connection with, an offer or solicitation in any place where offers or solicitations are not permitted by law and access has been limited so that it shall not constitute a general advertisement or solicitation in the United States or elsewhere. No action has been or will be taken in any jurisdiction by the Company, the Joint Global Coordinators, Joint Lead Managers or Joint Bookrunners that would, or is intended to, permit a public offering of the securities, or possession or distribution of the Offering Circular (in preliminary, proof or final form) or any other offering or publicity material relating to the securities, in any country or jurisdiction where action for that purpose is required. If a jurisdiction requires that the offering be made by a licensed broker or dealer and any of the Joint Global Coordinators, Joint Lead Managers or Joint Bookrunners or any affiliate of any of the Joint Global Coordinators, Joint Lead Managers or Joint Bookrunners is a licensed broker or dealer in that jurisdiction, the offering shall be deemed to be made by such Joint Global Coordinators, Joint Lead Managers or Joint Bookrunners or such affiliate on behalf of the Company in such jurisdiction. This communication is directed only at persons who (a) are outside the United Kingdom or (b) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Financial Promotion Order”) or (c) are persons falling within Article 49(2)(a) to (d) (“high net worth companies, unincorporated associations, etc.”) of the Financial Promotion Order (all such persons together being referred to as “relevant persons”). This communication must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which the Offering Circular relates is available only to relevant persons and will be engaged in only with relevant persons. The attached Offering Circular has been sent to you in an electronic form. You are reminded that documents transmitted via this medium may be altered or changed during the process of electronic transmission and consequently none of the Company, the Joint Global Coordinators, Joint Lead Managers or Joint Bookrunners or any person who controls them or any director, officer, employee or agent of them or affiliate of any such person accepts any liability or responsibility whatsoever in respect of any difference between the Offering Circular distributed to you in electronic format and the hard copy version available to you on request from the Joint Global Coordinators, Joint Lead Managers and Joint Bookrunners. THE ATTACHED OFFERING CIRCULAR MAY NOT BE DOWNLOADED, FORWARDED OR DISTRIBUTED TO ANY OTHER PERSON AND MAY NOT BE REPRODUCED IN ANY MANNER WHATSOEVER. ANY DOWNLOADING, FORWARDING, DISTRIBUTION OR REPRODUCTION OF THIS ELECTRONIC TRANSMISSION AND THE ATTACHED OFFERING CIRCULAR IN WHOLE OR IN PART IS UNAUTHORISED. FAILURE TO COMPLY WITH THIS DIRECTIVE MAY RESULT IN A VIOLATION OF THE SECURITIES ACT OR THE APPLICABLE LAWS OF OTHER JURISDICTIONS. IF YOU HAVE GAINED ACCESS TO THIS TRANSMISSION CONTRARY TO ANY OF THE FOREGOING RESTRICTIONS, YOU ARE NOT AUTHORISED AND WILL NOT BE ABLE TO PURCHASE ANY OF THE SECURITIES DESCRIBED IN THE ATTACHED OFFERING CIRCULAR. You are responsible for protecting against viruses and other destructive items. Your use of this e-mail is at your own risk and it is your responsibility to take precautions to ensure that it is free from viruses and other items of a destructive nature. OFFERING CIRCULAR STRICTLY CONFIDENTIAL VEDANTA RESOURCES PLC (incorporated with limited liability in England and Wales) $1,000,000,000 6.125% Bonds due 2024 This is an offering of $1,000,000,000 6.125% bonds due 2024 (the “Bonds”) by Vedanta Resources plc (“Vedanta” or the “Company”). The Bonds will bear interest at the rate of 6.125% per annum, payable semi-annually in arrears on 9 February and 9 August of each year, commencing 9 February 2018. Payments on the Bonds will be made without deduction for or on account of taxes of the United Kingdom to the extent described under “Terms and Conditions of the Bonds — Taxation”. The Bonds will mature on 9 August 2024. The Bonds may be redeemed at the option of the Company, in whole, but not in part, at a redemption price equal to the principal amount of the Bonds plus the Applicable Premium (as defined herein) applicable to the Bonds, plus accrued and unpaid interest, if any, to the redemption date. At any time and from time to time prior to 9 August 2021, the Bonds may be redeemed, in whole or in part, at the option of the Company at a redemption price equal to 100% of the principal amount of the Bonds plus the Applicable Premium, plus accrued and unpaid interest, if any, to (but excluding) the redemption date.
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  • Credit Research Challenge 2017-18 Team 149

    Credit Research Challenge 2017-18 Team 149

    Credit Research Challenge 2017-18 Team 149 1 AA+ Executive Summary Business Risk – Good Solvency – Good The businesses are fairly diversified both Paid up a significant amount of its debt recently geographically and in terms of product offering and increased its D-to-E from 0.63 to 0.48 Compliance with the changing policies Operating current ratio has also improved from regarding environmental and legal aspects 0.45 to 0.52 Ability to maintain, retain and acquire new Ability to meet debt payments as DSCR has mining licenses across different metals increased from 2.19 to 3.53 Distance to Default – Good AA+ Outlook – Stable Vedanta has a probability of default of 4%, which has increased in the recent 2-3 years. However, it Steady capital expenditure to increase capacity still seems under control and aim to reduce the debt in the future Debt Covenants: Recent acquisition of Cairn to bring in fresh revenues and improve diversification Debt/EBITDA = 1.17 < 3.75 Strong Corporate Governance policy (UK CG EBITDA/ Interest Expense = 3.64 > 3 Code since 2014) NA / Debt = 3.18 > 1.4 2 AA+ Our Agenda Business Description Industry Overview & Competitive Positioning Investment Summary Management and Corporate Governance Capital Structure Liquidity Analysis Financial Analysis Credit Rating Matrix and KMV Model 3 AA+ Business Description Vedanta Limited is a subsidiary of Vedanta Resources (50.1% stake) and is into 6 diversified businesses Vedanta Resources’ Copper, Iron ore, COPPER Power and Aluminum sites in Jharsuguda and Lanjigarh are