Anil Agarwal’s Vedanta Resources handles repayments to bondholders

Vedanta Resources Ltd has made an upfront payment of USD 779 million to bondholders and completed repayments as part of its debt restructuring exercise. The upfront payment to the bondholders was made on Wednesday, Vedanta Resources Ltd (VRL) said in a statement.

VRL completed bondholder repayments on February 7, 2024, in line with consents received earlier in the year, which extended maturities of USD 3.2 billion bonds to 2029. Vedanta Resources has paid $779 million in cash to bondholders to redeem a portion of its bonds and extend their maturities. The company also paid a consent fee of $68 million to bondholders who agreed to the restructuring.  The statement states, “Each of the businesses has world-class management leadership, employs the latest cutting-edge technologies, have import substitution and fulfilment of domestic demand as a core proposition. They also offer high quality and diversified investment opportunities to institutional and retail investors alike”.

Vedanta received consent from bondholders to restructure four series of bonds to ease its debt burden, including two $1 billion bonds due in 2024, one $1.2 billion bond in 2025, and one $600 million bond in 2026. Vedanta, a leading Indian and global company, has a diverse portfolio of assets including metals, minerals, oil, gas, ferrous verticals, coal, and renewable energy. It is now focusing on semiconductors and display glass manufacturing.