Vedanta Resources Limited has secured commitments from Barclays, First Abu Dhabi Bank, and Mashreq totalling $300 million in loan tenors of 3 years and 3 months. The proceeds will be used for refinancing some outstanding 2024 and 2026 bonds and for meeting other debt servicing obligations, Vedanta Resources said in an exchange filing.

The company is looking to upsize the deal and is in advance discussions with other banks for additional loans of $200 million, it said. Rating agencies S&P Global and Moody’s upgraded Vedanta Resources last year. The London-based company has been shoring up its finances.

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In September 2024, Vedanta Resources raised $900 million in its first dollar bond issue in more than two years and later raised $800 million through another dollar bond issue in November to refinance some outstanding debt. “The loan arrangement enhances the group’s liquidity position,” Vedanta Resources said.

VRL’s focus on deleveraging has reduced debt by ~$4.7 billion in the past two years, as Chairman Anil Agarwal shared in a letter to shareholders in November this year. VRL received an upgrade from S&P Global on December 20, when the agency upgraded the company’s corporate family rating from ‘B-’ to ‘B’.

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