Vedanta Secures $1.25 Bn For Debt Refinancing; S&P Downgrades Rating
Vedanta Resources Ltd (VRL), the UK-headquartered parent company of Vedanta group, said it has secured a USD 1.25 billion loan from private credit lenders to refinance/repay part of the USD 3.2 billion debt maturing in 2024 and 2025, but this did not prevent S&P Global from downgrading its ratings.In a statement, Vedanta Resources said the fundraising will help “create a long-term sustainable capital structure” and demonstrate its continued ability to access global capital markets and investor confidence in the underlying business.Without disclosing the names of the lenders, it said loans have been raised from a group of reputable financial institutions to refinance existing liabilities.In parallel, the company is seeking the consent of existing bondholders to extend the debt maturity...