Vedanta Resources Raises $400 Million via Bond Tap Issue
· Business · Economic Times
Vedanta Resources has secured an additional $400 million through a follow-on bond issuance, bringing its total raised through these instruments to $2.15 billion. The new bonds, maturing in 2032, 2034, and 2037, were priced at 7%, 7.37%, and 7.75% respectively, matching the pricing of securities issued in June. This refinancing effort successfully completes the replacement of the company's existing debt. The new securities replace older debt that carried higher borrowing costs between 9.20% and 9.50% and matured sooner between 2030 and 2033. The exact breakdown of the $400 million across the different tenures was not specified in the reports.
Why it matters
This refinancing lowers Vedanta Resources' overall borrowing expenses and extends the maturity profile of its outstanding debt.
Read the original report — Economic Times
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