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A group of bondholders of Vedanta Resources, including Oaktree Capital Management and Avenue Capital, have appointed Cleary Gottlieb Steen & Hamilton LLP as their legal advisor. The move comes as Vedanta Resources initiates talks with bondholders to roll over the bonds on different terms. The company is also in discussions with global private credit funds to syndicate a $1 billion short-term loan to partially pay off $3.2 billion of bonds maturing in 2024 and 2025. ....
The mining and metals conglomerate has $1 billion of 13.875% bonds coming up for repayment in January, another $1 billion of 6.125% paper due in August 2024, and $1.2 billion of 8.95% bonds maturing in March 2025. ....
India is perhaps the only emerging market in Asia that has opened the doors to foreigners to participate in the local currency debt and NPA markets, he said, , Shyam Maheshwari, Co-founder, SSG Capital ....