Vedanta’s overseas subsidiary -- THL Zinc (TZL) has agreed to extend maturity of the loan of $1.25 billion, which was taken for a term of two years in May, 2014, from Cairn India Holdings (CIHL), an overseas subsidiary of Cairn India (CIL), for a further period of two years.
The extension is on arms length at a revised rate of interest of LIBOR + 450 bps in the first year and at LIBOR + 475 bps in the second year, on terms that are market standards including change of control provisions and will continue to be secured by a guarantee from Vedanta Resources Pic.
Vedanta is an India-based global diversified natural resources company with operations across zinc, lead, silver, oil and gas, iron ore, copper, aluminum and commercial power. The Company operates through segments, including Copper, Aluminium, Iron Ore, Power and Others.
