Vedanta Resources Ltd. (VRL) is planning to issue 3Y or 5Y offshore bonds worth up to $1bn to refinance debt and reduce funding costs. Vedanta has a $1bn 6.375% bond due July 30, 2022. The issuance is expected in the next couple of weeks. “Companies like Vedanta intend to tap the lower cost of borrowing amid this [environment],” said a senior executive involved in the fundraising. ET reports that the funds are likely to help the company with future investments in its subsidiary, Vedanta Ltd. VRL last issued dollar bonds in March 2021 when it priced a $1.2bn 8.95% bond due 2025, that currently yields 9.74%.
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