Suzlon Energy Ltd. announced that its wholly-owned subsidiary AE Rotor Holding (AERH) had successfully completed the issuance of five year 4.7 percent bond worth $647 million.
The bonds are US dollar-denominated and backed by Stand-By Letter of Credit (SBLC) from State Bank of India and have a five year bullet maturity. The bonds will be listed on the Singapore Stock Exchange.
The company said the funds raised through this issue would be utilized to refinance existing US dollar-denominated foreign currency debt of the Issuer and its subsidiary.
The company said it would also continue to be in active dialogue with FCCB holders and banks to arrive at a consensual solution in the interest of all stakeholders, which is the last remaining step in our comprehensive liability management exercise.
Speaking on the development, Group Head-Finance Kirti Vagadia said, "In addition to the significant progress made on the final documentation for CDR package, this marks an important milestone for the Group and completes one of the key requirements of our CDR proposal, addressing our major bank debts."
He added, "The unique structure of the deal, which we believe to be the first ever USD credit enhanced bond from India, gives the Group much needed head-room via low-cost funding and a back-ended repayment schedule."
At the BSE, Suzlon Energy shares are currently trading at Rs.13.55, up 0.74 percent from the previous close.
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