Suzlon proposes new FCCBs worth $485 million.

Wind energy equipment major Suzlon has proposed to issue new Foreign Currency Convertible Bonds (FCCBs) worth $485 million under restructuring exercise, giving it extra time to make payments to investors.

The company, promoted by Tulsi Tanti, had earlier failed to make payment on some of the bonds on due dates. The company and an ad hoc committee of bondholders have concluded negotiations and agreed on the proposed restructuring terms.

Suzlon, in a statement, said its board had approved cashless restructuring of its existing FCCBs. These bonds would have maturity of five years and one day from the date of issue. These bonds would mature in financial year 2019-20.

BS