Suzlon Group retrieves FCCBs of $28.8 million
On Thursday the Energy company Suzlon Group announced that it has repaid the principal amount in cash with the 8.7% redemption premium. The payment was done through Foreign Currency Convertible Bonds of $28.8 million.
The balance $28.8 million of the FCCB series, which were unpaid in April 2016, now stands redeemed in full. The repayment has been completed in accordance with the terms and conditions of the FCCBs.
In April 2011, the company had issued a five-year FCCB series of $175 million.
“I am pleased to announce that we have redeemed, in cash, $28.8 million FCCBs through internal accruals. Further, most of our remaining debt maturity profile is back ended. This gives us sufficient headroom to meet our operations and growth requirements,” said Kirti Vagadia, Chief Financial Officer, Suzlon Energy.
“Our focused efforts towards debt reduction, liquidity optimisation and business ramp up are bearing tremendous results. There is a visible ramp up in our execution volume, order inflow and resultantly the cash flows,” she said.
Vagadia said, “We would like to take this opportunity to thank all our stakeholders, particularly the bondholders for their continuing support.”
Suzlon Group, is a leading renewable energy solution provider in the world. It has its presence across 19 countries including Australia, Africa, Europe, Asia, and North and South America.
to success.