by Amruth Sundarkumar | Sep 15, 2021 | High Yield Bonds, India
Vedanta Resources Ltd. (VRL) reduced its net debt by about $300mn in since April and expects to further reduce its debt by around $500mn in the next half. Having repaid the loan of $325mn at Volcan Investments Ltd., VRL’s ultimate shareholder, the pledge on all...
by Megha Malhotra | Aug 24, 2021 | High Yield Bonds, India
Vedanta Resources Limited’s (VRL) senior unsecured notes have been upgraded to B3 from Caa1 narrowing the difference to one notch between the rating of the notes and that of the issuer. The rating action also applies to the notes issued by VRL’s...
by Amruth Sundarkumar | Jul 16, 2021 | High Yield Bonds, India
Indian commodity giant Vedanta Resources called off the proposed consent solicitation for its $1bn 13.875% 2024s and $1.2bn 8.95% 2025s after a pushback from its lenders, according to IFR. The conglomerate had attempted to change the terms of its offshore bonds...
by Amruth Sundarkumar | Jul 7, 2021 | High Yield Bonds
Vedanta Resources is seeking consent from its dollar bondholders to change certain covenants in order to take on more debt. This debt would be used for refinancing and/or to acquire more shares in its Indian subsidiary Vedanta Ltd. The offer to change terms applies...
by Amruth Sundarkumar | Jul 5, 2021 | High Yield Bonds, India
Vedanta has planned a $5bn capital expenditure plan for the next three years, of which $2bn has been earmarked for the oil and gas (O&G) business and the remainder for aluminum, copper, steel and zinc where at least $500mn each would be used. Business Standard...
