Tuesday, December 29, 2020
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.
