Vedanta Resources Ltd., owned by Indian billionaire Anil Agarwal, is negotiating with banks to obtain a loan of more than $450 million to settle existing debt.
First Abu Dhabi Bank PJSC, Barclays Plc, Mashreqbank PSC, and Standard Chartered Plc are among the lenders negotiating with the borrower to offer the loan.
The facility might last between three and five years, and the money raised might be used to refinance Vedanta’s existing bad notes.
Discussions are ongoing, and the terms of the deal could change.
Vedanta’s April 2026-expiring notes were among the best-performing instruments from India’s high-yield market last year, yielding an 80% return, as Agarwal sought to lessen the group’s debt load. Junk bonds were the most profitable of all the dollar bonds issued by Indian companies in 2024.
Vedanta has lowered its debt by more than $4 billion since 2022, and it intends to repay an additional $3 billion in the next two years.
When the notes were at their lowest in July 2022, they were worth slightly less than 50 cents on the dollar, according to statistics released by Bloomberg. Domestic oil taxes, declining metals prices, and worries about the group’s capacity to settle its obligations at the time all contributed to this.
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