Vedanta Assets Ltd. is planning to fulfill bondholders in Singapore and Hong Kong, individuals aware of the matter mentioned, because the junk-rated Indian miner faces reimbursement of about $2 billion of notes subsequent yr.
The non-deal roadshow would happen as quickly as subsequent week, mentioned among the individuals, who requested to not be named as a result of the matter is non-public. JPMorgan Chase & Co. and Commonplace Chartered Plc are serving to to arrange the occasion, in keeping with others.
The worldwide improve in borrowing prices has raised the stakes for billionaire Anil Agarwal’s agency, which should redeem a document quantity of bonds subsequent yr. A number of of the group’s bonds are buying and selling beneath 75 cents on the greenback, at ranges thought of indicative of misery. S&P International Scores lowered its outlook on Vedanta’s B- ranking to damaging from steady, citing difficult financing situations.
Vedanta Assets didn’t remark when contacted by Bloomberg through electronic mail concerning the deliberate roadshow. JP Morgan and Commonplace Chartered declined to remark.
The mining firm has already began an train to establish traders in its greenback bonds that mature subsequent January and August, in addition to these due in March 2025.
The January 2024 notice was indicated at 89 cents on the greenback on Thursday, in keeping with Bloomberg-compiled information, whereas that due in August 2024 was quoted at 63 cents. That implies traders are extra involved about reimbursement of the longer-dated debt.
The non-deal roadshow would happen as quickly as subsequent week, mentioned among the individuals, who requested to not be named as a result of the matter is non-public. JPMorgan Chase & Co. and Commonplace Chartered Plc are serving to to arrange the occasion, in keeping with others.
The worldwide improve in borrowing prices has raised the stakes for billionaire Anil Agarwal’s agency, which should redeem a document quantity of bonds subsequent yr. A number of of the group’s bonds are buying and selling beneath 75 cents on the greenback, at ranges thought of indicative of misery. S&P International Scores lowered its outlook on Vedanta’s B- ranking to damaging from steady, citing difficult financing situations.
Vedanta Assets didn’t remark when contacted by Bloomberg through electronic mail concerning the deliberate roadshow. JP Morgan and Commonplace Chartered declined to remark.
The mining firm has already began an train to establish traders in its greenback bonds that mature subsequent January and August, in addition to these due in March 2025.
The January 2024 notice was indicated at 89 cents on the greenback on Thursday, in keeping with Bloomberg-compiled information, whereas that due in August 2024 was quoted at 63 cents. That implies traders are extra involved about reimbursement of the longer-dated debt.
