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Bond Market News
Vedanta Resources Secures $300mn in Loan Commitments, In Talks for More
January 13, 2025
Vedanta Resources secured $300mn in loan commitments from Barclays, First Abu Dhabi Bank, and Mashreq, with a tenor of 3-year and 3-month. The funds will be used to refinance some of outstanding 2024 and 2026 bonds and to meet other debt obligations. The company is looking to upsize the deal and is negotiating with other banks for an additional $200mn. This follows Vedanta’s recent dollar bond issues, where it raised $900mn in September last year followed by $800mn in another dollar bond issue in November to refinance its debt. Vedanta was also upgraded by rating agencies like S&P and Moody’s last year. As of September 2024, Vedanta’s net debt reduced to $11.36bn vs. $12.35bn in March, enhancing its liquidity position.
Vedanta’s 11.25% 2031s traded stable at 106.4, yielding 9.9%.
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