Vedanta Resources raises $1.8 bn to refinance two of its bond issues

Company is expected to have no major bank loan repayments due over the next 18 months

London-listed Vedanta Resources said it had raised $1.8 billion, through a combination of bonds and term loans, to refinance two of its bond issues, earlier scheduled to mature in 2019 and 2021, respectively.

With this, the company is expected to have no significant bank loan repayments due over the next 18 months and will extend Vedanta's average debt maturity by 1.5 years, while also lowering the average cost of borrowing.

This transaction is said to have led to only a small saving but with extended maturity and lower interest cost, the main purpose.

Of the amount in question, $1 billion