Khaitan & Co, Linklaters Singapore, Patrikios Pavlou & Associates, TM&S Gujadhur Chambers and Walkers (Jersey) counselled parties involved in the USD530 million offshore financing for Twin Star Holdings, a subsidiary of diversified mining giant Vedanta Resources.
Vedanta Resources and Welter Trading are guarantors of the offshore financing facility. The proceeds are expected to be used for refinancing Vedanta Resources’ existing debt, meeting transaction-related expenses and general corporate purposes.
Khatian & Co acted as Indian legal counsel to the arrangers – comprising Barclays Bank, First Abu Dhabi Bank, Mashreqbank, Deutsche Bank (Singapore) and Standard Chartered Bank – as well as the agent, Madison Pacific Trust, in connection with the offshore financing.
Partners Manisha Shroff and Arijit Sarkar led the core transaction team, with the assistance of senior associates Anushka Sinha, Aparna Arya and Sriram Madhav Kommu as well as associates Charul Lunia and Jhanvi Shah. Senior associate Tanish Prabhakar advised on the disclosure requirements for the offshore financing.
Khaitan & Co provided Indian legal advice on matters including review and negotiation of finance and security documents, as well as regulatory and enforcement. The transaction reinforces the growing role of private credit in supporting the large-scale funding needs of Indian-origin multinational groups.
The multi-jurisdictional nature of the deal required co-ordination with international counsel. Linklaters Singapore advised the agent and arrangers concerning the laws of England and Wales. Patrikios Pavlou & Associates acted on matters involving Cyprus laws. TM&S Gujadhur Chambers counselled on Mauritius laws, while Walkers (Jersey) advised on Jersey legal matters.
This deal demonstrates the continued appetite for sophisticated, cross-border financing transactions involving Indian business groups and highlights Khaitan & Co’s capability in executing complex global mandates.
Vedanta Resources is a diversified mining company headquartered in London. It has the largest mining and non-ferrous metals company in India, mining operations in Australia and Zambia, and oil and gas operations in three countries. Twin Star Holdings is the promoter company for Vedanta.