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India

India

Suzlon gets $300 million loan for bond payback

INDIA: Suzlon has signed a $300 million loan deal to repay $360 million in foreign currency convertible bonds due today.

Suzlon said the remainder of the cash would come from non-critical assets in India. Coincidentally, the company sold its Chinese subsidiary Suzlon Energy Tianjin for $60 million last month.

Suzlon was unable to give details about the loan and when it is due to be repaid. In June, Suzlon received a 45-day extension on its deadline to repay the $360 million.

Speaking about the move, Suzlon CFO Kirti Vagadiasaid: "I am pleased to announce that we have redeemed, in cash, our FCCB liability of $360 million due today.

"We have redeemed these FCCBs through a combination of instruments – including the proceeds from the sale of non-critical assets, internal accruals and the new facilities from our senior secured lenders, who we would like to thank for their on-going support and confidence in the company and its business."

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