Suzlon seeks 4 months extension for FCCB repayment

Suzlon Energy Ltd today has sought approval from its bondholders to extend the repayment of foreign currency convertible bonds worth $220.8 mln that are due in October by four months.

Company is scheduled to meet bondholders on Oct 10 to seek extension of maturity. Suzlon Energy has issued zero coupon convertible bonds worth $200 mln, and convertible bonds with coupon of 7.5% worth $20.8 mln. These bonds will mature on Oct 11.

Company is actively working on ways to raise funds through various means–including sale of non-critical assets, fresh debt and equity linked instruments–to redeem the bonds.