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Vedanta Resources’ bondholders approved the company’s proposal to amend the terms of its dollar bonds that involve partial upfront cash payments, revised coupons and maturity extensions. Holders representing at least 97% of the three bonds maturing in 2024 and 2025 approved the plan, well above the minimum 75% needed. The plan still needs to be formally approved in a bondholder meeting today. Details of the restructuring are given in the table below
Earlier last month, rating agency S&P said that it would likely treat the transaction as a distressed debt exchange (DDE) and thus could downgrade the company to selective default (SD) if bondholders approve it. The consent fee settlement date ends on January 29 and the upfront principal redemption date ends on February 7.
Vedanta’s dollar bonds were trading stable.
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