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Bond Market News
Vedanta’s Dollar Bonds Trend Higher on Stake Sale
August 7, 2023
Vedanta Resources’ dollar bonds continued to tick higher following Twin Star Holdings (promoter company) 4.1% stake sale in Vedanta Ltd. that helped raise about $481mn. Besides, a company official said that Vedanta Resources was looking to refinance $3.8bn worth of dollar bonds maturing between 2024 and 2026 with loans of extended maturities and manageable size. Its first dollar bond due would be its $1bn 13.875% 2024 that are trading at 93.8, yielding 29.2%. The official added that the refinancing would include some amount of deleveraging and extending maturities. No details were provided.
Vedanta’s 6.125% dollar bonds due August 2024 rose by over 1.1 points to 72.5 cents on the dollar.
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