Vedanta Resources to issue $400 million notes to Oaktree Capital

Published On: Tuesday, December 29, 2020 | By: Team KnowMyStock

A unit of Vedanta Resources will issue $400 million in notes to an entity under Oaktree Capital Group, as the mining conglomerate looks to meet liquidity needs. The notes will be partly secured by shares in Mumbai-listed unit Vedanta Ltd., according to separate exchange filings from Vedanta and the U.S. hedge fund. The new deal with Oaktree comes after Vedanta Resources sold $1 billion of securities earlier this month. That debt issuance was to fund a tender offer for securities due 2021. The holding company, controlled by billionaire Anil Agarwal, aims to simplify the group’s corporate structure and ease Vedanta. Resources’ access to cash after a failed attempt to delist Vedanta Ltd. in October.

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