Suzlon Energy redeems FCCBs of $28.8 million

The company also redeemed the applicable 8.7% redemption premium

Suzlon Energy has successfully repaid in cash, Foreign Currency Convertible Bonds (FCCBs) worth $28.8 million in principal amount, along with the applicable 8.7% redemption premium.

This was part of the 5% April 2016 FCCB series which have now been redeemed in full and will cease to exist.

Kirit Vagadia, Chief Financial Officer, Suzlon Energy, said, “Further, most of our remaining debt maturity profile is back ended. This gives us sufficient headroom to meet our operations and growth requirements. Our focused efforts towards debt reduction, liquidity optimization and business ramp up are bearing tremendous results. There is a visible ramp up in our execution volume, order inflow and resultantly the cash flows.  We would like to take this opportunity to thank all our stakeholders, particularly the bondholders for their continuing support.”