New Delhi: The world's fifth-largest wind turbine maker Suzlon Energy Ltd has redeemed its foreign currency convertible bonds (FCCBs) liabilities of $360 million in cash on due date, July 27, through various instruments, its Chief Financial Officer Kirti Vagadia said.
"We have redeemed, in cash, our FCCB liability of US$360 mn due today (Friday). We have redeemed these FCCBs through a combination of instruments -- including the proceeds from the sale of non-critical assets, internal accruals and the new facilities from our senior secured lenders," Vagadia said in a statement.
Of the total, Suzlon tied up $300 million in loans from a consortium of bankers. SBI Capital Markets Ltd was the lead arranger for the same, a Suzlon Energy spokesperson said.
The FCCBs comprise two series with redemption value of $306.8 million and $53.4 million.
The bonds matured on June 12, but the company had got an extension of 45-days from bondholders until July 27, 2012 for arranging funds for the payment.
At the end of March 31, 2012, Suzlon had a net debt of about Rs 111.65 billion.
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