Vedanta Resources raises USD 500 mn via bond issuance; to use proceeds to repay near-term obligations

NEW DELHI: (Oct 26) Anil Agarwal-led Vedanta Resources Ltd (VRL) has raised 500 million dollars through bonds in October and will use the proceeds to repay near-term obligations.

As per the letter to the bondholders, the company stated that "the average maturity of its debt portfolio is now over four years, and it has reduced its weighted average interest cost to single digits, reflecting a stronger, more resilient capital structure".

The company said that it has completed "a 500 million dollar bond issuance, using proceeds to repay near-term obligations, including a 550 million dollar Private Credit Facility (PCF), in line with its deleveraging roadmap."