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Bond Market News
Vedanta Said to Be In Talks with Private Credit Funds for $1bn Loan to Meet Debt Repayments
September 22, 2023
According to reports, Vedanta Resources is in advanced talks with private equity firms like with Cerberus Capital, Ares SSG Capital, Bain Capital and Davidson Kempner to avail a short-term loan worth $1bn. As per sources, the loan would have a 2.5Y tenor with an interest rate of at least 10%. The company is looking to use the proceeds for partial repayment of its bonds maturing over the next two years. Over the next 2 years, the company has $1bn 13.875% bond due 2024 coming up for repayment in January, another $1bn of 6.125% bond due August 2024 and $1.2bn of 8.95% bonds due March 2025. Last week it was reported that Vedanta was seeking extension of these bonds by 3 years. The company is exploring several options like divesting some of its steel and mining assets to raise funds, in order to meet its repayment obligations. However, 3 days ago, S&P had warned Vedanta of a possible downgrade if the bondholders are not adequately compensated.
Vedanta’s dollar bonds traded flat to slightly positive.
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