Vedanta secures $350-M loan from JP Morgan, others to refinance high cost debt

Mining conglomerate Vedanta has repaid a USD 900 million high-cost loan through a mix of QIP (qualified institutional placement) proceeds and a new USD 350 million facility at a lower interest rate, resulting in USD 550 million net deleveraging.The loan that was repaid was availed by subsidiary THL Zinc Ventures in May 2023 at 13.9% interest and was partly repaid using funds from Vedanta’s USD 1 Billion June 2024 QIP.Vedanta obtained the new USD 350 million facility at 9.6% per annum from JP Morgan and other bankers, reducing annual interest costs by USD 90 million.