- Volcan Investments, a London-based billionaire, Anil Agarwal's holding company, for funding its planned acquisition of about 13% in commodities giant, Anglo American, one of the world's largest mining company, has launched a $2.4 billion mandatory convertible bond issue on Thursday.
- JPMorgan Chase & Co., will be raising the resources on behalf of the Agarwal family's office and is the sole book runner and underwriter to the transactions.
- In 2020 the bonds will be exchanged for cash or for Anglo American's stocks. By the next week the fund raising is expected to be completed.
- Annual coupon of about 3.75%-4.2% is being offered by the three-year instrument; and Volcan, as a security to the transaction, will pledge Anglo American's stocks that it accumulates.
- In addition, Vedanta Resources, Anil Agarwal's flagship London-listed firm, for providing additional security to bond buyers, will pledge nearly one third of the promoters' holdings.
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