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Vedanta Resources is said to be in advanced stages of securing a $1.25bn private loan after weeks of negotiations, with an interest rate of 18-20%, as per sources. The conglomerate has been in talks with lenders like Cerberus Capital, Davidson Kempner Capital, Varde Partners and Ares SSG Capital, they noted. Vedanta, which has been seeking ways to refinance the $2bn in dollar bonds due next year is said to have been in talks for the loan since late-September.
Separately, its Indian subsidiary reported a loss of INR 17.8bn ($214mn) in the prior quarter ended-September, vs. a profit of INR 18.1bn ($218mn) a year ago. It reported an ‘exceptional tax expense’ of INR 61.3bn ($737mn) after opting for a new tax regime amid a weak performance at its Hindustan Zinc unit.
Vedanta’s dollar bonds were trading stable – its 6.125% 2024s were at 65 cents on the dollar.