Vedanta closes region's biggest high-yield bond

Vedanta raises $1.7 billion from a jumbo bond to take out a bridge loan for the Cairn India acquisition.
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Vedanta's bond will be used to finance its acquisition of Cairn India
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<div style="text-align: left;"> Vedanta's bond will be used to finance its acquisition of Cairn India </div>

Anil Agarwal-controlled Vedanta Resources closed a $1.7 billion jumbo bond early Thursday morning the biggest high-yield bond from Asia ex-Japan. It was also the largest dollar bond from an Indian company.

Vedanta is London-listed but its operations are mostly located in India. It also has assets around the world, including Zambia, Australia, South Africa and Namibia. The company had acquired a 58.5% stake in Cairn India for $8.7 billion in 2011, as it sought to diversify from its metals business and into oil.

The proceeds from the bond will be used to take out a $1.35 billion 12-month bridge that matures next month. The bridge was taken...

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