Vedanta Resources Calls Off Consent Plea After Investor Feedback
- Firm ended consent solicitation on two existing dollar bonds
- Plan may no longer be in company’s best interest, Vedanta says
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Vedanta Resources Ltd. has halted an attempt to change the terms on $2.2 billion of existing dollar-denominated notes that would have allowed the group to add more debt, following feedback from investors.
The India-focused commodities giant announced Friday that it was calling off its solicitation to modify the terms of bonds due in 2024 and 2025. The company said that it believed that the initial plan was credit positive for all stakeholders, but concluded that it may not be in its best interest after considering investor response, according to a statement to the Singapore Exchange.