Vedanta Resources Limited
09/30/2022
|
EBITDA Multiple
|
|||||||||
---|---|---|---|---|---|---|---|---|---|---|
(INR in Millions)
|
Amount
|
Price
|
Mkt. Val.
|
US$ Amt.
|
US$ Mkt. Val.
|
Maturity
|
Rate
|
Yield
|
Book
|
Market
|
|
||||||||||
Bank and Other Borrowings - Vedanta Resources level
|
288,751.1
|
|
288,751.1
|
3,497.0
|
3,497.0
|
|
|
|
||
Borrowings - Vedanta Ltd. level
|
445,120.8
|
|
445,120.8
|
5,390.8
|
5,390.8
|
|
|
|
||
Total Borrowings
|
733,871.9
|
733,871.9
|
8,887.9
|
8,887.9
|
1.4x
|
1.4x
|
||||
Lease Liabilities 1
|
4,220.0
|
|
4,220.0
|
51.1
|
51.1
|
|
|
|
||
Total Lease Liabilities
|
4,220.0
|
4,220.0
|
51.1
|
51.1
|
1.4x
|
1.4x
|
||||
VDAN 8.74 Due Jun 2032 1
|
40,890.0
|
|
40,890.0
|
495.2
|
495.2
|
Jun-29-2032
|
8.740%
|
|
||
9.2% NCD Due Feb 2030 2
|
20,000.0
|
|
20,000.0
|
242.2
|
242.2
|
Feb-25-2030
|
9.200%
|
|
||
7.68% NCD Due Dec 2024 2
|
10,000.0
|
|
10,000.0
|
121.1
|
121.1
|
Dec-31-2024
|
7.680%
|
|
||
9.2% NCD Due Dec 2022 2
|
7,500.0
|
|
7,500.0
|
90.8
|
90.8
|
Dec-09-2022
|
9.200%
|
|
||
Total Secured Non-convertible Debenture
|
78,390.0
|
78,390.0
|
949.4
|
949.4
|
1.6x
|
1.6x
|
||||
VDAN 9.170 Due Jul 2023 2
|
7,500.0
|
|
7,500.0
|
90.8
|
90.8
|
Jul-04-2023
|
9.170%
|
|
||
VDAN 9.240 Due Dec 2022 2
|
5,000.0
|
|
5,000.0
|
60.6
|
60.6
|
Dec-20-2022
|
9.240%
|
|
||
VDAN 9.240 Due Dec 2022 2
|
5,000.0
|
|
5,000.0
|
60.6
|
60.6
|
Dec-06-2022
|
9.240%
|
|
||
VDAN 9.400 Due Nov 2022 2
|
5,000.0
|
|
5,000.0
|
60.6
|
60.6
|
Nov-27-2022
|
9.400%
|
|
||
VDAN 9.400 Due Oct 2022 2
|
5,000.0
|
|
5,000.0
|
60.6
|
60.6
|
Oct-25-2022
|
9.400%
|
|
||
Total Secured Onshore Bonds
|
27,500.0
|
27,500.0
|
333.1
|
333.1
|
1.6x
|
1.6x
|
||||
5.35% NCD Due Sep 2023 3
|
21,120.0
|
|
21,120.0
|
255.8
|
255.8
|
Sep-29-2023
|
5.350%
|
|
||
Total Unsecured Non-convertible Debenture
|
21,120.0
|
21,120.0
|
255.8
|
255.8
|
1.7x
|
1.7x
|
||||
VDAN 9.400 Due Oct 2032 2
|
5,000.0
|
|
5,000.0
|
60.6
|
60.6
|
Oct-25-2032
|
9.400%
|
|
||
Total Unsecured Onshore Bonds
|
5,000.0
|
5,000.0
|
60.6
|
60.6
|
1.7x
|
1.7x
|
||||
CAILD / CAIL 0.200 (JPY 6.96Bn) 4
|
3,978.6
|
|
3,978.6
|
48.2
|
48.2
|
Oct-29-2032
|
0.200%
|
|
||
CAILD / CAIL 0.200 (JPY 8.52Bn) 4
|
4,870.6
|
|
4,870.6
|
59.0
|
59.0
|
Oct-29-2032
|
0.200%
|
|
||
VEDFB/ VED 9.250 Due Apr 2026 5
|
49,538.5
|
|
49,538.5
|
600.0
|
600.0
|
Apr-23-2026
|
9.250%
|
|
||
VEDFB/ VED 8.950 Due Mar 2025 5
|
99,076.9
|
|
99,076.9
|
1,199.9
|
1,199.9
|
Mar-11-2025
|
8.950%
|
|
||
VED 6.125 Due Aug 2024
|
82,564.1
|
|
82,564.1
|
999.9
|
999.9
|
Aug-09-2024
|
6.125%
|
|
||
VEDFB/ VED 13.875 Due Jan 2024 5
|
82,564.1
|
|
82,564.1
|
999.9
|
999.9
|
Jan-21-2024
|
13.875%
|
|
||
VED 7.125 Due May 2023
|
41,282.1
|
|
41,282.1
|
500.0
|
500.0
|
May-31-2024
|
7.125%
|
|
||
VEDFB/ VED 8.000 Due Apr 2023 5
|
33,025.6
|
|
33,025.6
|
400.0
|
400.0
|
Apr-23-2023
|
8.000%
|
|
||
Total Unsecured Offshore Bonds
|
396,900.5
|
396,900.5
|
4,806.8
|
4,806.8
|
2.5x
|
2.5x
|
||||
Total Debt
|
1,267,002.4
|
1,267,002.4
|
15,344.6
|
15,344.6
|
2.5x
|
2.5x
|
||||
Less: Cash and Equivalents
|
(77,365.4)
|
(77,365.4)
|
(937.0)
|
(937.0)
|
||||||
Plus: Restricted Cash
|
5,119.2
|
5,119.2
|
62.0
|
62.0
|
||||||
Net Debt
|
1,194,756.2
|
1,194,756.2
|
14,469.6
|
14,469.6
|
2.3x
|
2.3x
|
||||
Operating Metrics
|
US$ Amt.
|
|||||||||
LTM Reorg EBITDA
|
511,750.9
|
6,197.8
|
||||||||
|
||||||||||
Liquidity
|
||||||||||
Plus: Cash and Equivalents
|
77,365.4
|
937.0
|
||||||||
Less: Restricted Cash
|
(5,119.2)
|
(62.0)
|
||||||||
Total Liquidity
|
72,246.2
|
875.0
|
||||||||
Credit Metrics
|
||||||||||
Gross Leverage
|
2.5x
|
|||||||||
Net Leverage
|
2.3x
|
|||||||||
Notes: Source: Refinitiv, company filings, Reorg; NCI: $3.754 billion as of Sept. 30, 2022; EBITDA calculation is based on FY22 results; Restricted cash is assumed to be the same as Mar'22 due to lack of disclosure; Refer to the previous versions of the capital structure for the details of loan breakdown. 1. At Vedanta Ltd. level 2. Issued by Vedanta Ltd. 3. Issued by Hindustan Zinc Ltd; Repurchased INR 7.04B on Sept. 29, 2022, according to Refinitiv 4. Issued by Avanstrate Inc. 5. Issued by Vedanta Resources Finance II Plc US$ Translation: INR/USD rate used for USD conversion is 82.57. |
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