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India

India

Suzlon raises $647 million in bond deal

INDIA: Suzlon has raised $ 647 million through a sale of bonds to repay loans as part of its debt restructuring plans.

The turbine manufacturer is going through corporate debt restructuring (CDR) as it struggles to keep up with debt repayments following a downturn in the Indian wind market. CDR is a process devised by State Bank of India to help major Indian companies facing liquidity issues deal with their debts without going insolvent.

It is believed to be the first time an Indian company in CDR has sold bonds.

In February, Suzlon suffered the biggest fall in its share price in more than four years when the company's founding shareholders sold 109.9 million shares, wiping 34% off its value.

Suzlon group head of finance Kirti Vagadia said: "The unique structure of the deal, which we believe to be the first ever US-dollar credit-enhanced bond from India, gives the group much needed head room via low-cost funding and a back-ended repayment schedule."

Last week, Suzlon announced that Vagadia will be replaced as chief financial officer by Amit Agarwal a former CFO of steel manufactrer Essar Steel, who will report to chairman Tulsi Tanti. Suzlon said Vagadia would focus on his existing role as Suzlon Group head of finance, which includes overseeing German subsidiary Repower.

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