Vedanta Resources seeks $5.2bn refinance after S&P and Moody's upgrades
Business
Vedanta Resources, is looking to refinance $5.2 billion in bonds and loans after getting a credit rating upgrade from S&P Global and Moody's.
The plan covers $3.6 billion in bonds maturing between 2028 and 2033, plus $1.6 billion in loans due from 2028 onward.
Banks manage refinancing, seek 300bps cut
Eight big banks, including Barclays, Citigroup, Deutsche Bank, and JPMorgan, are helping manage the deal.
Vedanta might issue new bonds with five-, seven-, or 10-year payback periods to spread out repayments more smoothly.
The company also hopes this move will cut its funding costs by up to 300 basis points and make its debt less risky going forward.