by Arundhati Behera | Mar 13, 2023 | High Yield Bonds, India
Vedanta Resources Ltd. (VRL) was downgraded to Caa1 from B3 and its senior unsecured ratings to Caa2 from Caa1. Moody’s cited “increasing refinancing risk surrounding holding company VRL’s large debt maturities” as the primary reason for the...
by Amruth Sundarkumar | Mar 9, 2023 | High Yield Bonds, India
GMR Hyderabad’s buyback offer to purchase for cash up to $100mn of its 5.375% 2024s and its 4.75% 2026s received $179mn in tenders at the early deadline of March 6. As per IFR, GMR Hyderabad is planning to finance the buyback via a planned INR 8.4bn ($103mn)...
by Arundhati Behera | Mar 8, 2023 | High Yield Bonds, India
Vedanta is planning to acquire an additional 6% stake in Hindustan Zinc Ltd (HZL), as and when the government sells its holding, as per Business Standard. Vedanta currently owns 64.9% in HZL and the government holds at 29.6% stake. The government is said to be...
by Amruth Sundarkumar | Mar 3, 2023 | High Yield Bonds, India
Adani Group companies shares saw an investment of $1.87bn by US boutique investment firm GQG Partners. As Reuters notes, this is the the major investment in the Indian company since late January when Hindenburg came out with their report. GQG, which oversees an AUM of...
by Amruth Sundarkumar | Mar 2, 2023 | High Yield Bonds, India
Vedanta’s dollar bonds were up over 2 points across the curve after it provided some details on its debt repayment plans. The metals and mining conglomerate said that it was in advance stages of securing a $1bn syndicated loan, apart from “almost...
by Amruth Sundarkumar | Mar 2, 2023 | Corporates, High Yield Bonds, India
Adani Group denied news media reports that it had told investors at its roadshow that it secured a $3bn loan from a sovereign wealth fund (SWF). Reuters reported that the group told bondholders it had access to a $3bn credit line from backers including at least one...
