Key Points
An ad hoc group holding two guaranteed bonds of Vedanta Resources (VRL) has advised investors to reject the proposed bond restructuring outlined in the consent solicitation released on December 13..
The ad hoc group includes holders of $1 billion 13.875% bonds due in January 2024, $1.2 billion 8.95% bonds due in March 2025 and two other bonds.AgenciesVRL needs to achieve a two-thirds quorum for the bondholder vote, and within that, they need two-thirds approval to proceed with the restructuring...
Mumbai: Vedanta Resources said it is confident of restructuring the bonds that are coming up for redemption as it arrived at the formula after consultations with several bondholders..
"Vedanta believes that the proposal put forward to bondholders is the best available for all stakeholders in the company and provides both a strong offer to bondholders, whilst giving the company the required flexibility to achieve its de-leveraging targets in a time-bound manner," the spokesperson said...
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Vedanta Resources outlines terms for bond restructuring
15, Dec, 23The management was speaking to bondholders for consent solicitation exercise for restructuring a series of bonds, including those due in January 2024, August 2024, and March 2025.