Anil Agarwal’s Vedanta Resources completes repayments to bondholders

Anil Agarwal’s Vedanta Resources completes repayments to bondholders

Billionaire Anil Agarwal’s Vedanta Resources (VRL), the holding company of the Vedanta group, said on February 9 that it has completed repayments to its bondholders on February 7, 2024 in line with the consents it received earlier in the year in which maturities of $3.2 billion in bonds were successfully extended to 2029.

Moneycontrol reported on December 5 that billionaire Anil Agarwal-led Vedanta Resources will sign a $1.2-billion loan agreement with a clutch of global private credit funds to partly repay $3.2 billion of bonds maturing in 2024 and 2025.

On December 14, Vedanta Resources Ltd (VRL), the holding company of the Vedanta group, in a statement said that it secured $1.25 billion from private credit lenders for debt refinancing and a new credit facility.

It said that the aforesaid loan will mature in April 2026, and is guaranteed by VRL and its various subsidiaries, and has been collateralised by a negative pledge of 13.26 percent shares held by the parent in India-listed Vedanta Ltd and the annual brand fee it receives from various subsidiaries.

The mining and metals conglomerate had $1 billion of 13.875 percent bonds coming up for repayment in January, another $1 billion of 6.125 percent paper due in August 2024, and $1.2 billion of 8.95 percent bonds maturing in March 2025.

“VRL is pleased to note that with the completion of this exercise, the debt maturities at VRL are more evenly spread which was our main objective for the exercise,” the company said on Friday.

Vedanta Group announced a significant demerger and reorganization plan in September last year, which will see the creation of independent verticals through demerger of underlying companies, mainly its metals, power, aluminium, and oil and gas businesses to unlock potential value.