Suzlon says reaches deal to restructure $1.8 billion debt

MUMBAI Thu Jan 24, 2013 4:05pm IST

Maintenance engineers work on top of a power generating wind turbine at Suzlon wind farm in Surajbari village, about 275 km (171 miles) west of Ahmedabad, December 14, 2009. REUTERS/Amit Dave/Files

Maintenance engineers work on top of a power generating wind turbine at Suzlon wind farm in Surajbari village, about 275 km (171 miles) west of Ahmedabad, December 14, 2009.

Credit: Reuters/Amit Dave/Files

Related Topics

Stocks

   

MUMBAI (Reuters) - Lenders to Suzlon Energy Ltd (SUZL.NS) have approved the wind turbine maker's corporate debt restructuring plan for $1.8 billion, the company said on Thursday.

The deal would give the world's fifth-largest wind turbine maker, which defaulted on a $200 million convertible bond redemption in October, enhanced working capital facilities by $350 million, it said in a statement.

"The package includes a two-year moratorium on principal and term-debt interest payments, a three percent reduction in interest rates, six-month moratorium on working capital interest ..." it said.

Also $270 million, or two year's interest payment during moratorium, will be converted into equity or equity-linked instruments over the next two years, it said.

(Reporting by Ranjit Gangadharan; Editing by Anupama Dwivedi)

FILED UNDER:

Economic Pulse

Reuters Showcase

Reaction to Budget

Reaction to Budget

India budget unlikely to impact credit rating - agencies  Full Article 

PMI Data

PMI Data

Factory activity growth slows to five-month low in Feb  Full Article 

Documents Leaked

Documents Leaked

Indian Oil suspends official for leaking information - sources  Full Article 

Coal Auction

Coal Auction

India examines coal mine bids amid reports of discrepancies  Full Article 

Ola Buys Rival

Ola Buys Rival

Ola buys rival TaxiForSure for $200 million  Full Article 

Priority Sector

Priority Sector

RBI revises priority sector lending norms  Full Article 

Global Economy

Global Economy

Global stimulus swells as China eases, ECB to start soon on QE  Full Article 

Steel Industry

Steel Industry

Steelmakers hit by uncertainty over import duty hike   Full Article 

HP Buys Aruba

HP Buys Aruba

HP to buy Wi-Fi gear maker Aruba Networks for $2.7 billion  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage