Indowind restructures $30 million foreign-currency convertible bonds

By Devika Patel

Knoxville, Tenn., Aug. 12 - Indowind Energy Ltd. informed the Bombay Stock Exchange that its board of directors has approved plans to restructure the company's $30 million in foreign-currency convertible bonds at a meeting on Aug. 12.

The bonds now carry a 50% mandatory conversion clause with the yield fixed at Libor plus 200 bps.

The restructuring will help the company increase its net worth, reduce contingent redemption liability and improve the debt-equity ratio for its growth.

Indowind Energy offers windmill-generated power and is based Chennai, India.

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