Suzlon Energy gets bondholders approval for proposed restructuring of bonds

Restructured bonds expected to be issued on 15 July 2014

Suzlon Energy announced that the meetings of the holders of the respective series of Existing Bonds were held on 09 July 2014. Pursuant to the consent solicitation by the Company in relation to the Existing Bonds and the consent solicitation memorandum and information memorandum each dated 17 June 2014, the Company has announced to the holders of the Existing Bonds that the proposed restructuring of the Existing Bonds, including the terms and conditions of the new foreign currency convertible bonds (the "Restructured Bonds") has been approved by the holders of the Existing Bonds in their respective meetings.

The Company has also received the approval of the Corporate Debt Restructuring Empowered Group for the restructuring proposal and the approval of the Reserve Bank of India, subject to specified conditions.

 

The issue size of the Restructured Bonds will be USD 546,916,000. Subject to the satisfaction of certain conditions precedent, the Restructured Bonds are expected to be issued on 15 July 2014 (the "Settlement Date") and will accordingly mature on 16 July 2019. The 0% October 2012 Bonds, the 7.5% October 2012 Bonds and the 0% July 2014 Bonds will cease to exist in full on the Settlement Date.

Pursuant to the proposed restructuring, USD 146,200,000 of the principal amount of the 5% April 2016 Bonds will also be substituted by Restructured Bonds on the Settlement Date and USD 28,800,000 of the principal amount of the 5% April 2016 Bonds will remain outstanding following such substitution.

Powered by Capital Market - Live News