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Suzlon Energy redeems $360 mln bonds

Source : REUTERS
Last Updated: Fri, Jul 27, 2012 20:40 hrs
A power-generating windmill turbine is pictured in Suzlon wind farm at Sanodar village

REUTERS - India's Suzlon Energy Ltd, the world's fifth-largest wind turbine maker, said on Friday it had redeemed its $360 million of foreign currency convertible bonds through various instruments.

Last month, the wind turbine maker said it was in talks with banks to raise $300 million to repay bondholders who had agreed to extend the deadline by 45 days to July 27.

The delay in raising funds for repayment had worried investors, causing an erosion of more than a fifth of Suzlon's market value in the last three months.

Suzlon said it used $300 million in new loans and the balance was met through internal accruals and the sale of windfarm assets.

It has been under pressure for the last few years as global turbine sales slow and its huge borrowings for expansion started to hurt. (Reporting by Swati Pandey in Mumbai; Editing by David Holmes)



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