Billionaire Anil Agarwal’s Vedanta Resources Ltd. is set to refinance $5.2 billion of US dollar bonds and loans, according to people familiar with the matter, as it seeks to lower borrowing costs by replacing expensive debt after securing credit-rating upgrades.
The UK-based conglomerate has hired eight banks, including Barclays Plc, Citigroup Inc, Deutsche Bank and JPMorgan Chase & Co. for the deal, said the people, who asked not to be identified because the information is private. Part of the proceeds will be used to refinance $3.6 billion of bonds maturing between 2028 and 2033, and $1.6 billion of loans due from 2028 onward, they added.
