Vedanta Coupon Payment On $894 Million Bond Booked With Delay
The interest payment on Vedanta Group’s $894 million bond due on Feb. 9 was processed with a delay of seven days, according to people familiar with the matter.
(Bloomberg) -- The interest payment on Vedanta Group’s $894 million bond due on Feb. 9 was processed with a delay of seven days, according to people familiar with the matter.
The delay was due to a discrepancy in information, according to one of the people, who declined to be identified because they weren’t authorized to speak about it. After an investigation and clarification, the payment was booked, the person said.
A Vedanta spokesperson didn’t immediately respond to a request for comment.
Burdened by a heavy debt load amassed due to a string of acquisitions, the group controlled by Indian billionaire Anil Agarwal clinched a deal with creditors in January to extend the maturities of three dollar bonds.
As part of the agreement, Vedanta paid investors $57 million up front for bond due in August 2024 and extended the maturity of the remaining $894 million in principal.
--With assistance from Divya Patil and Suvashree Ghosh.
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