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Bond Market News
Vedanta Redeems $869mn of 2027s and 2028s
October 10, 2024
Vedanta Resources has redeemed $869mn of bonds, as part of a liquidity management strategy. This includes repaying $470mn of its 13.875% 2027s and $399mn for 13.875% 2028s, both of which include accrued interest.. With this, the 2027s have been fully redeemed and are no longer outstanding. Earlier, Vedanta had also launched a debt tender offer for these bonds in September and priced a new bond to refinance it. The early repayments, conducted in multiple phases throughout October, will lead to significant interest savings ~3% per annum it was reported. This move has contributed to a reduction in standalone debt of Vedanta Resources from $9.7bn in March 2022 to $5.2bn by September 2024.
Vedanta’s 10.875% 2029s traded in the green at 102.84, yielding 9.98%
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