Arab Today, arab today india\s wind giant suzlon raises 647m via bonds
Last Updated : GMT 21:53:08
Arab Today, arab today
Arab Today, arab today

India\'s wind giant Suzlon raises $647m via bonds

Arab Today, arab today

Arab Today, arab today India\'s wind giant Suzlon raises $647m via bonds

Mumbai - AFP

India\'s troubled wind energy giant Suzlon said Tuesday that it has raised $647 million by selling bonds, which will be used to repay loans as part of its debt restructuring plans. Suzlon, once a star of India\'s green technology, called it an \"important milestone\" for the group and a key requirement in its corporate debt restructuring (CDR) plans with its creditors. State Bank of India, the country\'s largest bank and a lender to Suzlon, had issued a letter of credit -- or a guarantee -- to potential bond buyers, which helped Suzlon to gain easier access to bond markets. \"The structure of the deal, which we believe to be the first ever dollar-credit enhanced bond from India, gives the group much needed head-room via low-cost funding,\" said Suzlon\'s finance chief Kirti Vagadia in a statement. In February, Suzlon posted its biggest-ever quarterly loss, which had quadrupled to $211 million in the three months to December due to a combination of hefty debt and declining global demand for turbines. Suzlon chairman Tulsi Tanti said then that \"near-term challenges\" for the wind energy sector would continue because macro-economic conditions and policy challenges affected markets worldwide.

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