Vedanta Resources redeems $514.8m bonds
Vedanta Resources has repaid in full and redeemed $514.8m in convertible bonds due on 13 July.
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With this redemption of the 5.5% convertible bonds, all outstanding USD bond maturities due in full-year 2017 at Vedanta have been repaid, apart from the $8m of 4% convertible bonds due in March 2017.
The next bond maturity for Vedanta Resources is the 9.5% $750m bond maturing in July 2018.
“Vedanta continues to actively manage its maturities and evaluate various options to optimise its balance sheet and reduce financing costs, including further bond buybacks. The company remains committed to its stated group strategy of deleveraging and strengthening the balance sheet.”
At 0913 BST, Vedanta Resources shares were up 2.8% to 544p.