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Bond Market News
Vedanta in Discussion with StanChart for Up to $1.3bn Loan
September 7, 2023
Vedanta Resources is said to be in discussion with Standard Chartered for a $1.2-1.3bn loan, as per ET. The loan discussion is against brand fee receivables without any restructuring pre-conditions, they noted. The president of strategy at the company, Omar Davis said, “We are looking to put in place a refinancing package that will include deleveraging (some debt), extending maturities and manageable size”. S&P notes that Vedanta has debt maturities totaling $3bn through August 2024.
Separately, Zambia has agreed to return control of Konkola Copper Mines (KCM) to Vedanta Resources, after authorities seized the mines in 2019. The Zambian government, which owns a 20% stake in KCM, had at the time accused Vedanta of paying less taxes and not disclosing sufficient details about its expansion plans. The dispute between Vedanta and Zambia has been ongoing, but Vedanta has now pledged to invest over $1.2bn to increase output and repay outstanding debts.
Vedanta’s dollar bonds were trading stable with its 6.125% 2024s at 63 cents on the dollar.
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