Vedanta Sources — the mother or father agency of Mumbai-based mining conglomerate Vedanta Ltd — on Friday mentioned it has secured USD 300 million in loans from a clutch of main world banks resembling Barclays and First Abu Dhabi Financial institution for refinancing its 2024 and 2026 bonds.
The proceeds can be used to refinance excellent 2024 and 2026 bonds and meet different debt-servicing obligations, Vedanta Sources mentioned in an change submitting.
“Vedanta Sources Ltd has acquired commitments from Barclays, First Abu Dhabi Financial institution, and Mashreq totalling USD 300 million for a 3.25-year door-to-door tenor mortgage,” the submitting mentioned.
The corporate is seeking to upsize the deal and is in superior dialogue with different banks for extra USD 200 million.
The corporate additional mentioned this mortgage association will increase the group’s liquidity place, backed by robust credit score enhancements because of important deleveraging achieved by way of strong enterprise efficiency and strategic initiatives.
The corporate expects to signal the mortgage settlement inside the subsequent few days.
UK-based Vedanta Sources had earlier raised USD 800 million from world traders by way of a brand new bond situation.
The corporate had mentioned proceeds can be used to prepay the corporate’s excellent debt due in 2028.
In September, Vedanta raised USD 900 million, the corporate’s first greenback bond situation in additional than two years, to prepay current bonds.
Vedanta has been step by step deleveraging its stability sheet, bettering its capital construction, and decreasing its monetary prices by tapping bond markets as a part of its liquidity administration train.