Vedanta Secures $300 Million in Loans to Strengthen Financial Position
Vedanta Resources’ parent company announced on Friday that it has secured commitments from Barclays, First Abu Dhabi Bank, and Mashreq for a $300 million loan, with a tenor of three years and three months.
The funds will be used to refinance outstanding 2024 and 2026 bonds and cover other debt servicing obligations, according to Vedanta’s filing with the stock exchange.
The company is seeking to expand the deal and is in advanced talks with other banks to secure an additional $200 million in loans.
Last year, rating agencies S&P Global and Moody’s upgraded Vedanta Resources’ credit ratings.
Based in London, the company has been actively improving its financial position. In September 2024, Vedanta raised $900 million through its first dollar bond issue in over two years, followed by another $800 million in November to refinance existing debt.
“The loan arrangement strengthens the group’s liquidity position,” Vedanta Resources said.
As of September 2024, Vedanta’s net debt stood at $11.36 billion, a reduction from $12.35 billion in March, as per the company’s presentation.
