MUMBAI: Vedanta Resources, the parent company of Vedanta Ltd, has secured a $300 million loan from a consortium of leading global banks, including Barclays, First Abu Dhabi Bank, and Mashreq. The loan, with a 3.25-year tenor, will be utilized to refinance the company’s outstanding 2024 and 2026 bonds, along with meeting other debt obligations, as per its recent exchange filing.
This development aligns with Vedanta Resources’ broader strategy to reduce refinancing risks and enhance financial stability. In the past months, the company has raised $900 million in September and $800 million in November through dollar bond issuances to strengthen its balance sheet.
Additionally, Vedanta Resources is in advanced discussions to secure an extra $200 million, further showcasing its commitment to managing debt efficiently. These efforts have not gone unnoticed, with S&P Global Ratings upgrading the company’s rating to ‘B’ from ‘B-‘ in December 2024, reflecting reduced refinancing risks and an improved capital structure.
With a reported net debt reduction to $11.36 billion as of September 2024, compared to $12.35 billion in March, Vedanta Resources continues to make strides in fortifying its financial position.
Source: Web Team, C6N
