Vedanta Resources redeems outstanding bonds maturing in 2018
Mumbai: Vedanta Resources said it redeemed in cash all of its outstanding 9.5% bonds maturing July 18, 2018. Upon settlement the London-listed natural resources conglomerate will reduce its near-term gross debt by $379 million in face value, in-line with its stated strategy to deleverage and extend its average debt maturity.
"I am pleased with this proactive bond redemption, which is driven by our strategy to reduce debt and optimise the balance sheet of the group. The optimisation of balance sheet along with the ramp-ups at our operations will create value for all stakeholders," said Tom Albanese, CEO of Vedanta Resources.
The Company has served a notice of redemption effective Tuesday in accordance with the terms and conditions of the bonds and the settlement is expected to occur on 4 May 2017.
"I am pleased with this proactive bond redemption, which is driven by our strategy to reduce debt and optimise the balance sheet of the group. The optimisation of balance sheet along with the ramp-ups at our operations will create value for all stakeholders," said Tom Albanese, CEO of Vedanta Resources.
The Company has served a notice of redemption effective Tuesday in accordance with the terms and conditions of the bonds and the settlement is expected to occur on 4 May 2017.
