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Suzlon seeks 45-days extension to pay back foreign bondholders

Posted by sandhyaravii on May 24, 2012

Mumbai, May 18 (PTI) Wind turbine maker Suzlon today sought a 45-day extension to meet its foreign currency convertible bonds (FCCB) obligations falling June, even as the company claimed it is in advanced talks with bankers to raise USD 300 million to meet its liabilities. The company has FFCBs worth USD 569 million maturing in June and October. “We are at an advanced stage of raising up to USD 300 million with our senior secured lenders for the refinancing of our June FCCB obligations. Our banks are aligned and supportive of our initiatives to address near-term obligations and achieving our long-term capital structure objectives,” Suzlon Group chief financial officer Kirti Vagadia said. “To ensure that there is adequate time for necessary requisite approvals and administrative documentation, we have asked our bondholders for an extension of maturity of up to 45 days,” Vagadia added. “We continue to work on plans to raise capital at our overseas subsidiary level, as well as our programs to monetise non-critical assets. With this package of measures we remain totally confident of meeting our obligations.” Vagadia said.


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