New Delhi, Jan 10 (PTI) Vedanta Resources -- the parent firm of Mumbai-based mining conglomerate Vedanta Ltd -- on Friday said it has secured USD 300 million in loans from a clutch of leading global banks such as Barclays and First Abu Dhabi Bank for refinancing its 2024 and 2026 bonds.

The proceeds will be used to refinance outstanding 2024 and 2026 bonds and meet other debt-servicing obligations, Vedanta Resources said in an exchange filing.

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"Vedanta Resources Ltd has received commitments from Barclays, First Abu Dhabi Bank, and Mashreq totalling USD 300 million for a 3.25-year door-to-door tenor loan," the filing said.

The company is looking to upsize the deal and is in advanced discussion with other banks for additional USD 200 million.

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The company further said this loan arrangement increases the group's liquidity position, backed by strong credit improvements due to significant deleveraging achieved through robust business performance and strategic initiatives.

The company expects to sign the loan agreement within the next few days.

UK-based Vedanta Resources had earlier raised USD 800 million from global investors through a new bond issue.

The company had said proceeds will be used to prepay the company's outstanding debt due in 2028.

In September, Vedanta raised USD 900 million, the company's first dollar bond issue in more than two years, to prepay existing bonds.

Vedanta has been gradually deleveraging its balance sheet, improving its capital structure, and lowering its financial costs by tapping bond markets as part of its liquidity management exercise.

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