Vedanta Resources Ltd.’s talks with lenders for a $1 billion private credit loan have been complicated by a plan to separate its Indian subsidiary into six units, according to people familiar with the matter.
(Bloomberg) — Vedanta Resources Ltd.’s talks with lenders for a $1 billion private credit loan have been complicated by a plan to separate its Indian subsidiary into six units, according to people familiar with the matter.
The proposal to split up Vedanta Ltd. has left the potential lenders looking to revise parameters of the loan transaction, said the people, who asked not to be named because the matter is private. While the deal has not fallen through, it probably won’t be finalized this month as some lenders anticipated, they said.
A spokesperson for Vedanta didn’t immediately respond to Bloomberg’s emailed request for comment.
Billionaire Anil Agarwal’s junk-rated miner is grappling with a record debt repayment bill next year. It started talks with a group of lenders for a private loan of $1 billion to redeem some of its overseas bonds, Bloomberg reported on Sept. 21. Representatives of the firm have also proposed restructuring payments on some bonds.
–With assistance from Divya Patil.
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