14th Jul 2016 06:54
LONDON (Alliance News) - Vedanta Resources PLC Thursday said it has fully repaid the outstanding balance owed against convertible bonds that expired this week, clearing nearly all of the company's dollar-denominated bond maturities due in the current financial year.
The 5.5% 2016 convertible bonds matured on Wednesday and were cleared by Vedanta through a USD514.8 million payment. All dollar bonds due this year have now been cleared apart from the USD8.0 million of 4.0% convertible bonds that are due in March 2017.
Following that, the next bond maturity will be in July 2018 when the 9.5% bonds worth USD750.0 million mature.
"Vedanta continues to actively manage its maturities and evaluate various options to optimise its balance sheet and reduce financing costs, including further bond buybacks. The company remains committed to its stated group strategy of deleveraging and strengthening the balance sheet," said the company.
By Joshua Warner; [email protected]; @JoshAlliance
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