Metals and mining juggernaut Vedanta Resources Ltd of Anil Agarwal has successfully concluded its debt restructuring initiative, marking a significant milestone in its financial strategy. The company announced today that it has made an upfront payment of USD 779 million to its bondholders, finalizing repayments as part of the restructuring plan. Vedanta Resources Ltd (VRL) confirmed the completion of repayments on February 7, 2024, following the upfront payment made on Wednesday, according to a statement issued by the company.
Earlier this year, Vedanta secured consent from bondholders to restructure four series of bonds, extending maturities totaling USD 3.2 billion to 2029. This move aimed to alleviate the company’s debt burden, providing a more sustainable financial footing. In addition to the repayment, Vedanta paid a consent fee of USD 68 million to bondholders who participated in the restructuring agreement.
The restructuring plan comes on the heels of Vedanta’s announcement of a significant demerger and reorganization initiative in September last year. This strategic move will reshape the Vedanta Group across 17 major businesses, encompassing a diverse portfolio of assets including metals, minerals, oil and gas, power, and emerging ventures such as semiconductor and display glass manufacturing.