Vedanta Resources seeks $550 million refinancing
Mumbai:
Vedanta Resources
(VRL), the London-based parent of India's Vedanta, is looking at refinancing
credit facility
worth $550 million, and is discussions with several lenders from Middle East, Europe and Japan, sources aware of the development said. These high-interest borrowings are set to mature in 2026.
"VRL is in discussions with international banks to refinance a $550 million balance on its $1.25 billion private credit facility," said a source. First Abu Dhabi Bank, Mashreq, Abu Dhabi Commercial Bank, Commercial Bank of Dubai, Standard Chartered Bank, Barclays as well as Japan's Sumitomo Mitsui Banking Corporation are some of the banks with which Vedanta Resources is in discussions.
The refinancing would prepay the high-cost loan, which carries an 18% coupon and matures in April 2026. The facility, guaranteed by VRL's intermediate holding company Twin Star Holdings, was originally raised in December 2023 and is secured against brand fees received from its listed Indian unit, Vedanta (VEDL).
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Your Insurance Company Hopes You NEVER See This Page – Here's Why
AutoTrends
Undo
Investors in the private credit facility include Cerberus Capital, Davidson Kempner, Varde Partners, Broad Peak, BlackRock, SeaTown Holdings, and Aspex Management.
Live Events
The refinancing is likely to be done at nearly half the rate of the existing private credit facility, with the new interest rate likely to be 800-900 basis points lower. It is expected to lead to savings of around $47 million.
"VRL has been engaging with investors to raise around $550 million," said a source. "While no formal roadshows have been launched, the company is holding exploratory meetings to secure a new facility."
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
40 minutes ago
- Mint
Will the ₹500 note be banned? Indian government clarifies as reports emerge over ‘demonitisation' 2026 claims
The Government of India, in its social media fact-checking handle on platform X, clarified that the claims about an upcoming alleged 'demonetisation' in March 2026 were false and that they were an attempt to spread misinformation among the masses through social media platforms. According to the official PIBFactCheck post released on Tuesday, 3 June 2025, a video went viral on social media in which a news anchor from the YouTube channel 'Capital TV' claimed that India is set to discontinue the circulation of ₹ 500 banknotes effective March 2026. 'A #YouTube video on the YT Channel 'CAPITAL TV' (capitaltvind) falsely claims that the RBI will discontinue the circulation of ₹ 500 notes by March 2026,' according to the PIBFactCheck announcement post on platform X. Calling out this social media claim, the Indian government issued an official 'Fact Check' in which they said that the nation's central bank, the Reserve Bank of India (RBI), has made no such announcements about any potential or upcoming demonetisation move. The government also assured the people of the nation that the ₹ 500 banknotes 'have not been discontinued' and continue to serve as a 'legal tender' form of the official Indian currency. The government also warned people to stay alert to 'fake news' and videos circulated on social media platforms and not to believe anything unless it comes from official sources like the RBI. 'Don't fall for such misinformation. Always verify news from official sources before believing or sharing it!' said the Indian government, warning people against similar misinformation circulating on social media platforms. In May 2025, the Reserve Bank of India (RBI) announced that it would soon release new ₹ 20 banknotes with Governor Sanjay Malhotra's signature on them. 'The Reserve Bank of India will shortly issue ₹ 20 denomination Banknotes in Mahatma Gandhi (New) Series bearing the signature of Shri Sanjay Malhotra, Governor. The design of these notes is similar in all respects to ₹ 20 banknotes in Mahatma Gandhi (New) Series,' said the RBI. RBI also disclosed that the ₹ 20 notes will be similar in all other aspects, including design, to the new series of notes circulating in the nation, except for the new governor's signature. The central bank also assured the people of the nation that all the banknotes which contain the denomination of ₹ 20 issued by the RBI in the past will continue to hold legal tender in India, according to the official release.
Time of India
an hour ago
- Time of India
RBI survey: Households optimistic about inflation; Less people expect price hikes
Indian households are beginning to feel that inflation is easing, as fewer people expect prices to rise in the months ahead, the Reserve Bank of India said in its latest survey. The central bank on Friday released the findings of its bi-monthly Inflation Expectations Survey of Households for May 2025, revealing a slight drop in perceived inflation. The median perception of current inflation fell to 7.7% in May, against the 7.8% recorded in March. Expectations for inflation over the next three months remained steady at 8.9%, while the one-year-ahead expectation declined by 20 basis points to 9.5%. The survey, conducted between 2 and 11 May across 19 major cities, gathered 6,079 valid responses. It showed that inflation expectations have softened across a broad range of product categories, including food, housing, household goods, and services. Notably, the proportion of households expecting prices to rise in the future has decreased compared to earlier rounds. Still, expectations of inflation remain high, especially for food, with 82.8% of respondents anticipating a price rise in the next three months. Housing at 78.3 % and non-food items at 75.3 per cent followed closely. On a one-year horizon, 89.2% of respondents said they expected prices to go up. While still high, this figure marked a slight moderation from previous levels, suggesting people are growing more optimistic. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Clearance: Handmade luxury bags now 70% off Handmakers Report Read Now Undo The report also revealed differences across age groups and regions. Retired individuals and those over 60 continued to report higher inflation perceptions than younger participants. Regionally, residents of Jammu, Kolkata, and Mumbai perceived the highest levels of inflation, while those in Bengaluru and Ahmedabad felt the least impact. Overall, the numbers point to a gradual shift in sentiment, with households appearing more confident about the price situation in the short and medium term. The apex bank clarified that the survey reflected individual expectations and consumption patterns which may not necessarily align with the official data or RBI's views. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
News18
an hour ago
- News18
Planning A Summer Getaway? Now Indians Can Travel To Philippines Visa-Free: Know How To Avail It
Last Updated: The visa-free stay can also be extended for an additional seven days, allowing tourists a total of 21 days to explore the archipelago's beaches, mountains, and cultural landmarks Starting June 8, Indian nationals can travel to the Philippines without a visa for tourism purposes, according to a statement by the Philippine government. Aimed at boosting tourism from India—which recorded a 12 per cent rise in arrivals in 2024, reaching nearly 80,000 visitors—this new initiative makes the island nation an even more appealing destination for Indians planning a summer getaway. According to the Philippine Bureau of Immigration, Indian passport holders can now enter the country without a visa for up to 14 days, provided certain conditions are met. The visa-free stay can also be extended for an additional seven days, allowing tourists a total of 21 days to explore the archipelago's beaches, mountains, and cultural landmarks. How To Avail Visa-Free Entry: Hold a valid visa or permanent residency for the US, Japan, Australia, Canada, Schengen Area, Singapore, or the UK. Have a passport valid for at least six months beyond the date of entry. Present return or onward flight tickets upon arrival. The new policy is aimed at boosting tourism and strengthening regional ties, offering Indian travellers a hassle-free escape to one of Southeast Asia's most scenic destinations. Adding to the joy, Air India announced the launch of direct, non-stop flights between Delhi and Manila, set to begin on October 1, 2025. The airline will operate five flights a week using Airbus A321neo aircraft, featuring Business, Premium Economy, and Economy classes. With this new route, Air India becomes the sole carrier offering direct connectivity between India and the Philippines, enhancing travel convenience and reinforcing bilateral relations. As summer travel kicks off, these developments open the door for spontaneous holidays to destinations like Palawan, Cebu, and Boracay — now without the paperwork. First Published: June 07, 2025, 16:44 IST
