Vedanta Resources gets $300 million loan commitment for debt refinancing
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.
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.
The company is looking to upsize the deal and is in advance discussions with other banks for additional loans of $200 million, it said.
Rating agencies S&P Global and Moody's upgraded Vedanta Resources last year.
The London-based company has been shoring up its finances.
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