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Vedanta Resources would need at least two-thirds of its dollar bondholders to approve the company’s proposal to restructure its bonds. A bondholder meeting will be held on January 4. Vedanta’s consent solicitation launched last month indicates their offer to pay $779mn for its 2024s and 2025s by February and extend the maturity on the remaining principal by up to four years. There is no proposed change regarding the terms of its 2026s. Earlier last month, S&P downgraded Vedanta to CC from CCC, noting that the completion of the offer will likely result in a downgrade to selective default (SD).
Vedanta’s dollar bonds were trading stable, with its 13.875% bonds due January 2024 at 89.15 cents on the dollar.
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