A unit of Vedanta Resources will issue $400 million in notes to an entity under Oaktree Capital Group, as the mining conglomerate looks to meet liquidity needs. The notes will be partly secured by shares in Mumbai-listed unit Vedanta Ltd., according to separate exchange filings from Vedanta and the U.S. hedge fund. The new deal with Oaktree comes after Vedanta Resources sold $1 billion of securities earlier this month, at one of the highest yields for a dollar bond in Asia this year. That debt issuance was to fund a tender offer for securities due 2021. The holding company, controlled by billionaire Anil Agarwal, aims to simplify the group’s corporate structure and ease Vendata Resources’ access to cash after a failed attempt to delist Vedanta Ltd. in October.

Source: Mint December 29, 2020 09:04 UTC