Vedanta Resources secured a loan of about $850mn from JP Morgan and Oaktree Capital as per sources. The loan is said to have a 5Y tenor which is expected to help it with financial support ahead of its debt maturities that are due. Vedanta has a $500mn 7.125% dollar bond maturing on May 31. The news comes just a day after its Indian subsidiary Vedanta Ltd. announced its first interim dividend amounting to $830mn for the new financial year.
Vedanta’s 7.125% dollar bond maturing on May 31 is currently trading near pat, at 99.35 cents on the dollar.
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