The ad hoc group includes holders of USD 1bn 13.875% due in January 2024 and USD 1.2bn 8.95% bonds due in March 2025.
Bondholders have appointed legal advisors just as Vedanta Resources has initiated talks with bondholders to roll over the bonds on different terms.The ad hoc group mainly comprises Oaktree Capital Management and Avenue Capital, the people cited above said.
Cleary Gottlieb Steen & Hamilton LLP officials did not respond to ET’s request for comments.
Anil Agarwal promoted VRL and met bondholders in London, Singapore and Hong Kong between September 11 and September to assess if they would be willing to roll over $3.2 billion bonds due between January 2024 and March 2025.Vedanta Resources has initiated talks with global private credit funds, including Cerberus Capital, Bain Capital, Ares SSG Capital and Davidson Kempner, to syndicate a $1 billion short-term loan, which will be used for part-paying $3.2 billion of bonds maturing in 2024 and 2025, ET reported on September 21. Bondholders would seek the entire or maximum payment.
Vedanta Resources, the holding company of India-listed Vedanta Ltd, has a gross debt of USD 6.4 billion, according to a statement issued by the company in May this year.On Thursday, the board of Vedanta Ltd approved a proposal to raise Rs 2500 crore rupee bonds, according to a notice to the exchange