Vedanta Resources Ltd., the diversified mining group chaired by Indian billionaire Anil Agarwal, is in advanced talks with a group of international banks over a 500 million loan that could be signed early next year. The financing would give the company fresh breathing room as it continues to pare debt and fund operations at one of its most important overseas assets.
The proposed facility is expected to run for four years and amortize over its life, the people said, asking not to be named because the discussions are private. Pricing is set at about 425 basis points over the benchmark SOFR rate, with a weighted average life of roughly two and a half years. Part of the proceeds would be used to refinance existing, higher-cost borrowings, while the rest would be directed toward capital spending at Konkola Copper Mines in Zambia.
Vedanta restructures debt, funds Zambia
