Vedanta Assets — the mother or father company of Mumbai-based mining conglomerate Vedanta Ltd — on Friday mentioned it has secured USD 300 million in loans from a grasp of main world banks akin to Barclays and First Abu Dhabi Financial institution for refinancing its 2024 and 2026 bonds.

The proceeds will likely be used to refinance exceptional 2024 and 2026 bonds and meet different debt-servicing duties, Vedanta Assets mentioned in an alternate submitting.

“Vedanta Assets Ltd has gained commitments from Barclays, First Abu Dhabi Financial institution, and Mashreq totalling USD 300 million for a three.25-year door-to-door tenor mortgage,” the submitting mentioned.

The corporate is having a look to upsize the deal and is in complex dialogue with different banks for added USD 200 million.

The corporate additional mentioned this mortgage association will increase the crowd’s liquidity place, subsidized through robust credit score enhancements because of important deleveraging completed via tough industry efficiency and strategic projects.

The corporate expects to signal the mortgage settlement inside the following couple of days.

UK-based Vedanta Assets had previous raised USD 800 million from world traders via a brand new bond factor.

The corporate had mentioned proceeds will likely be used to prepay the corporate’s exceptional debt due in 2028.

In September, Vedanta raised USD 900 million, the corporate’s first greenback bond factor in additional than two years, to prepay present bonds.

Vedanta has been progressively deleveraging its steadiness sheet, making improvements to its capital construction, and decreasing its monetary prices through tapping bond markets as a part of its liquidity control workout.