Vedanta Resources Gets $300 Million Loan Commitment From International Banks
The Vendanta Ltd. parent will use proceeds to refinance outstanding 2024 and 2026 bonds and meet other debt-servicing obligations.

Vedanta Resources on Friday announced that Barclays, First Abu Dhabi Bank, and Mashreq have agreed to offer it a combined loan of $300 million. It expects to sign the loan agreement within the next few days.
It will use the proceeds to refinance outstanding 2024 and 2026 bonds and meet other debt-servicing obligations, Vedanta Resources said in an exchange filing.
“Vedanta Resources Ltd. has received commitments from Barclays, First Abu Dhabi Bank, and Mashreq totalling $300 million for a 3.25-year door-to-door tenor loan,” the filing said.
At the same time, the company added that it is looking to upsize the deal and is in advanced discussion with other banks for an additional $200 million.
The Vendanta Ltd. parent said this loan arrangement increases the group's liquidity position, backed by strong credit improvements due to significant deleveraging achieved through robust business performance and strategic initiatives.
UK-based Vedanta Resources had earlier raised $800 million from global investors through a new bond issue.
At that time, the company had said that the proceeds would be used to prepay the company's outstanding debt due in 2028.
In September, Vedanta raised $900 million, the company's first dollar bond issue in more than two years, to prepay existing bonds.
Vedanta has been gradually deleveraging its balance sheet, improving its capital structure, and lowering its financial costs by tapping bond markets as part of its liquidity management exercise.
Meanwhile, shares of its Indian subsidiary Vedanta Ltd. had closed 1.54% lower at Rs 431.90 apiece on the BSE, compared to a 0.31% decline in the benchmark Sensex on Friday.
(With Inputs From PTI.)