Suzlon Energy Ltd. has announced completion of its debt restructuring exercise following unanimous approval of secured lenders.
With this, the term debt of the company has reduced ‘substantially’ with interest of 9% per annun, repayable over 10 years starting July 1, 2020.
The balance debt of secured consortium lenders is replaced by 0.01% Optionally Convertible Debentures of the company and 0.0001% Compulsorily Convertible Preference Shares of its subsidiary redeemable or convertible in 20 years. The company did not provide any financial details on the amount of debt recast or by how much it would come down.
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