This site uses cookies to provide you with a great user experience. By using BondbloX, you accept our use of cookies.
Bond Market News
Vedanta Receives $250mn Loan from Glencore
May 31, 2023
In a positive surprise, Vedanta Resources received a $250mn loan from natural resources major Glencore International. As part of the transaction, a 4.4% stake in Vedanta Resources’ listed Indian subsidiary Vedanta Ltd was pledged. Vedanta Resources will use the loan’s proceeds to repay its 7.125% bond due today. This comes just a week after Vedanta Resources secured an $850mn loan from Oaktree and JPMorgan.
Glencore is a competitor to Vedanta in several geographies, which makes the loan an interesting offer. An analyst in Mumbai said that the loan by Glencore is “significant” and could be a sign that it may buy assets in India. He added that it depends on how Vedanta manages to raise funds to repay old loans. With the pledge of Vedanta Ltd’s shares, all of the promoter holding in Vedanta Ltd has now been pledged as per CNBC.
Vedanta’s dollar bonds were trading stable – its 13.875% 2024s are at 91.2 cents on the dollar.
For more details, click here
Go back to Latest bond Market News
Related Posts:
BondbloX Pte. Ltd. is regulated by the Monetary Authority of Singapore as a Recognised Market Operator ("RMO") and exempted from Section 49(1) of the Securities and Futures Act (Cap. 289) ("SFA") under Section 49(7) of the SFA.