This site uses cookies to provide you with a great user experience. By using BondbloX, you accept our use of cookies.
Bond Market News
Vedanta’s Zinc Subsidiary Planning to Raise $1.25bn in Loans
April 10, 2023
Vedanta Resources’ subsidiary Zinc International is said to be in talks with international banks to raise $1.25bn via a loan, with the parent standing as a guarantor. As per Business Standard, they are in talks with Farallon Capital Management for the loan. Recently, S&P said in a note that Vedanta Resources would likely have enough liquidity until December, with a plan to secure about $1bn in funding at one of its operating companies, thought to be Zinc International. This was the subsidiary that Vedanta was planning to sell to Hindustan Zinc (HZL) for ~$3bn that saw opposition by government representatives on HZL’s board. Vedanta has debt obligations of ~$3bn in 2023, that includes interest and inter-company loan, the first payment of which is $750mn in principal due on its 8% bond maturing April 23.
Its 8% 2023s are currently trading at 97.38 cents on the dollar, at an annualized yield of 85.6%.
For more details, click here
Go back to Latest bond Market News
Related Posts:
BondbloX Pte. Ltd. is regulated by the Monetary Authority of Singapore as a Recognised Market Operator ("RMO") and exempted from Section 49(1) of the Securities and Futures Act (Cap. 289) ("SFA") under Section 49(7) of the SFA.