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A group of ad hoc bondholders holding Vedanta Resources’ guaranteed notes have come out saying that the revised terms do not represent the best terms possible for the notes. They said that Vedanta did not include any feedback from the group in last week’s proposal to revise terms. Vedanta had earlier proposed a plan to extend the maturity dates and make part repayment of some of the bonds. It was reported that bondholders urged investors to vote against Vedanta’s liability management proposals at a meeting due in early January 2024. Cleary Gottlieb Steen & Hamilton LLP, the law firm representing the ad hoc group said that Vedanta consistently refused to engage in a “meaningful way” despite several attempts for a mutual agreement, as per Bloomberg.
Separately, Vedanta Ltd., the listed Indian subsidiary of the group, approved raising INR 34bn ($409mn) in the local bond market. A day earlier, the unit announced a dividend of $492mn to its shareholders, of which the debt laden promoter group holds 63.7%.
Vedanta’s bonds are trading stable this morning with the 13.875% January 2024s are at 89.12 cents on the dollar.