24×7 Live News

US Top news

Vedanta Resources: Vedanta Resources paid $779 million upfront to bondholders as part of restructuring process

New Delhi: Metal and mining giant Vedanta Resources Limited On Friday said it had made an advance payment of US$779 million to its bondholders and completed repayment as part of a debt restructuring exercise. The advance payment to bondholders was made on Wednesday. Vedanta Resources Ltd (VRL) said in a statement.
The statement said VRL has completed repayment to its bondholders on February 7, 2024, in line with the consent received earlier that year to successfully extend the maturity of US$3.2 billion in bonds to 2029. I went.
“Vedanta Resources has successfully made a cash advance payment of US$779 million to bondholders on February 7 to redeem a portion of the bonds and extend their maturity period,” the billionaire-promoted company said. Anil AggarwalSaid.
The company said it also paid a US$68 million consent fee to bondholders who agreed to the restructuring.
In January Vedanta received consent from bondholders to restructure four tranches of bonds to reduce its heavy debt burden. These series of bonds included two bonds of USD 1 billion each that were due to mature in 2024, one bond of USD 1.2 billion due in 2025 and one bond of USD 600 million due in 2026.
In December, VRL had raised US$1.25 billion from private lenders to refinance/repay US$3.2 billion of debt maturing in 2024 and 2025.
Vedanta Group Announced a significant demerger and restructuring plan in September last year. The move will restructure Vedanta Group into 17 core businesses, the statement said.
“Each business has world-class management leadership, employing the latest cutting-edge technologies, with import substitution and meeting domestic demand as the core proposition. They also offer high quality and diversified investment opportunities to institutional and retail investors alike ” The statement said.

Source link


Your email address will not be published. Required fields are marked *