Vedanta Parent seeks $1 billion cash boost to refinance high-cost debt.

Vedanta Resources, the London-based parent of Indian metals group Vedanta, plans to raise up to $1 billion to prepay and refinance high-yielding debt. The company aims to lower its cost of funding to single digits and upgrade its credit rating. Vedanta’s upcoming debt maturities include $400 million 13.875% bonds due 2028 and $600 million 9.25% non-guaranteed bonds due 2026. The company is looking to raise funds mid-January and plans to allocate them to prepay existing debt. Vedanta has been relying on dividends from its operating entities to meet repayments, but by proactively addressing its maturities, it hopes to improve its credit rating. The company’s current credit ratings are ‘B/Stable’ from S&P Global and ‘B-/Positive’ from Fitch, and it aims to achieve a ‘BB’ rating in the near future.