London-headquartered Vedanta Resources (VRL), the parent company of Indian mining major Vedanta, has raised $450 million from two of its rivals. While it raised $200 million from commodities firm Trafigura Group, it borrowed $250 million from Glencore International AG.
Debt-laden VRL has pre-paid $150 million of its loan taken from Oaktree, according to a report by Nomura, which quoted a report by data and analytics firm Reorg.
The loan exposure to Oaktree and Trafigura will be about $350 million and $200 million, respectively, indicating an asset coverage of about 3 times against the debt of $550 million at the Oaktree box level, Nomura added.
