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Bond Market News
Vedanta Repays May and June Debts; Secures $200mn Loan from Trafigura
June 1, 2023
Vedanta Resources has repaid all its bonds and loans due in May and June. it redeemed its $500m 7.125% dollar bonds that matured yesterday. Besides, on May 23, it also repaid its $800m of loan facilities taken in April to StanChart. Separately, Vedanta is also said to have raised $200mn from Trafigura to repay a $550mn loan taken from Oaktree Capital, as per IFR. This comes just a day after news that it had secured a $250mn loan from Glencore International, another commodity trading firm and competitor for refinancing. Lucror Analytics said, “These trading firms potentially understand the business risk of such commodity producers well” and can execute such transactions faster than banks can. Nomura estimates that at the holdco level, Vedanta Resources’ cash holdings are expected to be at $210-220m by end-June.
Vedanta’s dollar bonds were trading steady with its its 13.875% 2024s at 91.5 cents on the dollar, yielding 29.5%.
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