More time for Vedanta bondholders to consent on new due date London-headquartered Vedanta Resources has postponed the deadline to seek consent for extending the deadline of its bonds to January 2, 2024 due to the holiday period. “This extension is given to accommodate feedback from bondholders who were facing operational challenges in submitting their consent instructions and may not be able to submit before the original early consent deadline due to the year-end holiday period,” Vedanta said in a regulatory update. Earlier, Vedanta had sought investors’ approval to extend the maturity date of its $3.15 billion dollar bonds, even as it secured a $1.25 billion new funding to repay part of the debt. The company has also offered to pay $779 million in February for notes due in 2024 and 2025. Vedanta has offered to pay $779 million by early February for the three bonds – due in January 2024, August 2024 and March 2025 – and has sought extending their maturity periods for as much as four years through a consent solicitation exercise (consent exercise or liability management). The firm, helmed by Anil Agarwal, would also use $1.25 billion proceeds from a new financing arrangement for the partial pre-payment of the bonds, it had said.
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