(Reuters) -Indian miner Vedanta said on Thursday its parent Vedanta Resources has secured a loan facility agreement worth up to $600 million with international banks to refinance its debt.
Easing risks around refinancing – in which existing loans are replaced with a new one, typically at more favorable terms such as lower interest rates – prompted agencies such as S&P Global Ratings and Moody’s to upgrade their ratings on the company this year.
Standard Chartered Bank and its Mauritius unit, First Abu Dhabi Bank, Mashreqbank and Sumitomo Mitsui Banking Corp are the lenders in the transaction, Vedanta Ltd said in an exchange filing on Thursday.
UK-based Vedanta Resources, owned by Indian billionaire Anil Agarwal, has been focused on trimming its debt pile and brought down its net debt by $1.2 billion to $11.1 billion in fiscal 2025.
(Reporting by Manvi Pant and Chris Thomas in Bengaluru; Editing by Leroy Leo)
