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Dollar bonds of Vedanta Resources have jumped across the curve after its proposal to change the terms of its bonds was approved by holders. The change involved partial upfront cash payments, revised coupons and maturity extensions, which got approval from holders representing at least 97% of the three bonds maturing in 2024 and 2025.
Its 8.95% 2025s are up 4 points since the start of the month, to 79 cents on the dollar. Its 6.125% 2024s are up 5 points during the same period to 72 cents on the dollar. Its 13.875% 2024s maturing in 16 days, are up 3 points to 92 cents on the dollar. Also, its 9.25% 2026s, which are not part of the bond amendment deal have moved higher by 2 points to 63 cents on the dollar.