Vedanta Resources paid down its 8% 2023s that matured yesterday alongside the coupon on its 9.25% 2026s and other loans maturing in April. It said that gross debt reduced to $6.8bn from $7.8bn at end-March 2023. Its gross debt has reduced by $2.9bn from $9.7bn at end-March 2022. The mining conglomerate said that it has “reduced debt by $3 billion since it announced in February 2022 its intention to accelerate deleveraging and reduce its debt by $4 billion within 3 years”. The company added, “Vedanta has thereby achieved 75% of its committed reduction in just 14 months”. However, it is worth noting that the Anil Agarwal-led company has been facing liquidity pressures and is seeking to secure new debt financing via loans of $1.25bn from a consortium of international banks.
Vedanta’s 7.125% bond due May 31 ticked 1 point higher to trade at 96 cents on the dollar.
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