Vedanta Resources, the mining and energy group founded by billionaire Anil Agarwal, became the first Indian issuer to sell a high-yield dollar bond this year, raising $1 billion from a five-and-a-half year bond early on Wednesday morning.
London-listed Vedanta, rated B1B by Moody's and SP, operates mostly in India and has assets around the world, including Zambia, Namibia, South Africa, Ireland, Liberia and Australia. It is seeking to repay some outstanding debt and reduce interest costs at a time when it hopes to reduce expenses by merging two major Indian units.
Wednesday's 144AReg S sale represented its first foray into the international bond...
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