April 25, 2024 13:09 (IST)
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Suzlon Bondholders across all four series approve FCCB restructuring
Pune, July 10 (IBNS): Wind turbine maker Suzlon Group on Thursday announced that the holders of each series of its Existing Bonds (due in October 2012, July 2014 and April 2016) have approved the proposed restructuring of the Existing Bonds including the terms and conditions of the new foreign currency convertible bonds.
The company had earlier announced receipt of approval from the Corporate Debt Restructuring Empowered Group and the Reserve Bank of India for the restructuring.
Pursuant to the approvals received, 100% of 0% October 2012 bonds, the 7.5% October 2012 bonds and 0% July 2014 bonds will cease to exist and will be substituted by the new FCCBs on 15th July 2014 (the “Settlement Date”), subject to the satisfaction of certain conditions precedent.
In respect of the USD 175 million 5% April 2016 series, only approximately USD 28.8 million in principal value will remain outstanding; the remaining holders of the 5% April 2016 series have opted to substitute their existing bonds with the new foreign currency convertible bonds, which substitution will also be completed on the Settlement Date, , subject to the satisfaction of certain conditions precedent.
Speaking on the occasion the Chairman Tanti said “The bondholders, by approving the restructuring have reposed confidence in Suzlon and paved the path for growth. We recently embarked on a high growth trajectory by reclaiming our number one spot in domestic markets. With optimism in the global economy coupled with the company’s strategic developments, we are confident of maintaining sustainable growth in the next three years. ”
Speaking on the development, Kirti Vagadia, Group Head – Corporate Finance– Suzlon Group said: “with this, Suzlon now successfully completes its last leg of comprehensive liability management program that we initiated in 2012. In the circumstances, the agreed bond restructuring package is an optimum solution for all our stake-holders. The Suzlon Group remains thankful to the secured lenders and bondholders for their patience and constructive approach for this arrangement.”
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