Mr.Kirti Vagadia, Chief Financial Officer of Suzlon Group announced an update on the company’s near term repayment obligations. He said that Suzlon is at an advanced stage of raising up to US$ 300 million with their senior secured lenders for there financing of Suzlon's June Foreign Currency Convertible Bonds (FCCB) obligations.
The banks are aligned and supportive of the initiatives to address near-term obligations and achieving a long-term capital structure objectives. In order to ensure there is adequate time for the necessary requisite approvals and administrative documentation, they have asked their bondholders for an extension of maturity of upto 45 days.
Suzlon continues to work on plans to raise capital at their overseas subsidiary level, as well as their programs to monetize non-critical assets. With this package of measures they remain totally confident of meeting their obligations.
News published on 21 / 05 / 2012 by Bharat Vasandani