Suzlon Energy cuts conversion price of convertibles series after already receiving needed consents

By Jennifer Chiou

New York, May 17 - Suzlon Energy Ltd. announced the reduction to the conversion price of its $300 million of zero-coupon convertibles due June 2012 to Rs. 97.26 per share from Rs. 359.68 per share and for its $200 million of zero-coupon convertibles due October 2012 also to Rs. 97.26 per share from Rs. 371.55 per share.

The revised floor price for both series is Rs. 74.025 per share, a company release noted.

In addition, the new fixed exchange rate is Rs. 44.60 per dollar for those series.

On May 4, the company said it obtained the necessary consents for the two series of convertibles as well as Suzlon's $35,592,000 of 7.5% convertibles due June 2012, $20,796,000 of 7.5% convertibles due October 2012 and $90 million of zero-coupon convertibles due July 2014.

As previously reported, the company obtained bondholder approval to amend the terms of the five series of its convertibles at May 29 meetings. Holders consented to the removal of financial covenants and the waiver existing or prior breaches in regards to the convertibles.

Pune, India-based Suzlon Energy is a wind power company that manufactures, designs, develops and sells wind turbine generators.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.