Vedanta refinances to shore up balance sheet

Vedanta Resources has undergone a “comprehensive refinancing”, selling $1bn (£770m) in bonds and receiving five-year loans worth $840m, in an effort to strengthen its balance sheet. It is using the proceeds to buy back bonds due in 2019 and 2021. The FTSE 250 miner said the actions extended its average debt maturity by 1.5 years and lowered its average cost of borrowing.