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We reported last week that Indian mining conglomerate Vedanta was in advanced talks with private lenders for a $1.25bn loan to partly repay its 2024s and 2025s. As per people familiar with the matter, the Anil Agarwal-led company is in talks with lenders led by Cerberus Capital Management LP, who will underwrite $300mn, Davidson Kempner Capital Management LP, Varde Partners Inc. and Ares SSG Capital Management Ltd. The sources added that the loan will be taken against shares of Vedanta Resources and royalty receivables from group entities and will carry an interest between 18-20%. The company has $1bn due on its 13.875% dollar bonds on 21 January 2024, another $1bn due on its 6.125% dollar bonds on 9 August 2024 and $1.2bn due on its 8.95% dollar bonds in March 2025.
Both the 2024s are trading a tad higher this morning – the Jan 2024s are up 1.5 points to 91.11 and the August 2024s are up 0.62 points to 64.25 cents on the dollar.
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