Indian miner Vedanta’s parent on Friday said it has secured commitments from Barclays, First Abu Dhabi Bank, and Mashreq totaling $300 million in loan tenors of 3 years and 3 months. <\/small><\/p>\n\n\n\n
The proceeds will be used for refinancing some outstanding 2024 and 2026 bonds and for meeting other debt servicing obligations, Vedanta Resources said in an exchange filing. <\/small><\/p>\n\n\n\n
The company is looking to upsize the deal and is in advance discussions with other banks for additional loans of $200 million, it said. <\/small><\/p>\n\n\n\n
Rating agencies S&P Global and Moody’s upgraded Vedanta Resources last year. <\/small><\/p>\n\n\n\n
The London-based company has been shoring up its finances.\u00a0<\/small><\/p>\n\n\n\n
In September 2024, Vedanta Resources raised $900 million in its first dollar bond issue in more than two years and later raised $800 million through another dollar bond issue in November to refinance some outstanding debt. <\/small><\/p>\n\n\n\n
“The loan arrangement enhances the group’s liquidity position,” Vedanta Resources said. <\/small><\/p>\n\n\n\n
Its net debt stood at $11.36 billion as of September 2024, down from $12.35 billion in March, according to a company presentation.<\/p>\n\n\n\n
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