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Vedanta Resources makes initial payment of $779 million to bondholders under restructuring exercise – Times of India

NEW DELHI: Metals and mining giant Vedanta Resources Ltd On Friday it said it had made an initial payment of $779 million to its bondholders and had completed the payments as part of the debt restructuring exercise. The initial payment to bondholders was made on Wednesday. Vedanta Resources Ltda (VRL) said in a statement.
VRL completed payments to its bondholders on February 7, 2024, in accordance with consents it received earlier in the year in which the maturities of $3.2 billion in bonds were successfully extended to 2029, according to the statement.
“Vedanta Resources successfully made an initial payment of $779 million in cash on February 7 to bondholders to redeem a portion of the bonds and extend their maturities,” the billionaire-driven company said. Anil Agarwalsaying.
It also paid a $68 million consent fee to bondholders who agreed to the restructuring, the company said.
In January, Vedanta received consent from bondholders to restructure four series of bonds to ease its huge debt burden. This series of bonds includes two of $1 billion each due in 2024, a $1.2 billion bond in 2025, and a $600 million bond in 2026.
In December, VRL had raised a $1.25 billion loan from private lenders to refinance/repay part of the $3.2 billion debt due in 2024 and 2025.
Vedanta Group announced a major spin-off and reorganization plan in September of last year. The move will reform the Vedanta Group into 17 major businesses, the statement said.
“Each of the companies has world-class management leadership, employs the latest cutting-edge technologies, has import substitution and meeting domestic demand as its core proposition. They also offer high-quality, diversified investment opportunities to investors. institutional and retail alike,” he said. the statement said.

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