Vedanta parent plans $1 bn raise to refinance high-cost debt
Vedanta Resources, the London-based parent of the Indian metals grouping Vedanta, plans to raise up to $1 billion to prepay and refinance high-yield debt, said people familiar with the matter.
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Among the refinancing targets are the $400 million, 13.875% coupon bonds due 2028 and $600 million 9.25% non-guaranteed bonds due 2026.
«The market will be far better mid-January and with that, we will wait and watch the market and look for both $460 million and $600 million — the unsecured maturity — to be addressed sometime in January,» a company executive said in its earnings call recently.
The company is seeking to lower its cost of funding to single digits and is targeting a credit rating upgrade.
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