Suzlon bondholders have approved a restructuring under which the Indian wind manufacturer will issue $546.9m of new Foreign Currency Convertible Bonds.
The plans also have nods from Reserve Bank of India and the Corporate Debt Restructuring Empowered Group and will be put into action on 15 July.
Of the $175m April 2016 series, only approximately $28.8m in principal value will remain outstanding. The remaining holders of the 5% series “have opted to substitute their existing bonds with the new FCCBs”, the company added.
Suzlon chairman Tulsi Tanti said: “The bondholders 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.”
Group head of corporate finance Kirti Vagadia added: “Suzlon now successfully completes its last leg of comprehensive liability management program that we initiated in 2012.”