April 7 (Renewables Now) - The bondholders of Indian wind turbine maker Suzlon Energy Ltd (BOM:532667) on Monday approved the resolution plan for the outstanding amount under a USD-546.9-million (EUR 503.6m) step-up convertible bond due 2019.
The meeting was held in Singapore on April 6, with a 95.84% quorum achieved. Suzlon said in a statement that 99.9% of the total votes cast at the meeting supported the bondholders’ resolution.
The plan gives bondholders a couple of options, including a mandatory conversion of the outstanding existing bonds into fully paid-up equity shares, or a substitution with new US dollar-denominated convertible bonds due 2032.
A company official told the Press Trust of India (PTI) that the total outstanding amount is USD 172 million.
At the end of March, Suzlon’s lending consortium, led by The State Bank of India (SBI), cleared the company’s plan to restructure its debt. A month earlier, Suzlon said it would issue 1 billion equity shares to its lenders, plus convertible debentures and warrants and, if required, will issue equity shares or equity-linked instruments to an extent of INR 10 billion (USD 132m/EUR 122m) as part of the plan.
(USD 1.0 = EUR 0.921)
(INR 10 = USD 0.132/EUR 0.121)