Vedanta Resources Limited is said to have discussed a potential maturity extension of 3 years on the company’s dollar bonds due in 2024 and 2025 at a meeting with investors in Hong Kong on Monday, as per The Economic Times (ET). This comes after news of the Anil Agarwal-led company hiring Morrow Sodali to identify holders of its $1bn bond due January 2024, $1bn bond due August 2024 and $1.2bn bond due March 2025. The ET added that the proposed extension has irked bondholders, given that Vedanta’s 2026s will be repaid before its 2024s and 2025s if the extension goes through. A company spokesperson said, “The Vedanta team is travelling to Singapore and Hong Kong to meet existing bondholders. These meetings are organized by JP Morgan and Standard Chartered. These are purely non-deal roadshows to meet and greet our existing investors.” As per sources, company management said that they plan to repay $200mn to Trafigura and prepay a $350mn loan to Oaktree Capital Management to free up pledges. It is also in talks with banks for a $1.3bn loan from banks against the three year brand fee, ET reported.
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