Vedanta to raise $1.25 billion via private loan at 20% interest rate

Vedanta Group, an Indian conglomerate led by billionaire Anil Agarwal, is in advanced discussions to secure a private loan of $1.25 billion with an interest rate ranging from 18% to 20%. This move is part of Vedanta’s efforts to restructure its debt.
Vedanta has been in negotiations with several lenders, including Cerberus Capital Management LP, Davidson Kempner Capital Management LP, Varde Partners Inc., and Ares SSG Capital Management Ltd., for several weeks.
The conglomerate is seeking fresh funding to refinance approximately $3 billion in US-currency bonds that are set to mature over the next two years.
In the past, Vedanta also proposed delaying payments on its dollar bonds, but this idea faced opposition from investors.
Vedanta continues to work on refinancing its maturing debt, and the company’s spokesperson remains confident about the process, without providing further details on the outcome.