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Suzlon issues clean-up call for 4% convertibles due 2032
By Mary-Katherine Stinson
Lexington, Ky., March 23 – Suzlon Energy Ltd. has issued a clean-up call for its $529,338 outstanding 4% convertibles due 2032 (ISIN: XS2200565203), according to a notice.
This represents 1.47% of the total principal amount of bonds originally issued on Aug. 17, 2020.
Under the current terms, the company has the option to redeem the outstanding bonds at par together with accrued but unpaid interest at the cash interest rate of 1.25% annually to the redemption date of May 2 if at any time less than 10% of the total originally issued is outstanding.
Assuming there is no conversion, accrued interest payable on the redemption date will total $1,378.48.
Bondholders retain their conversion rights up to the close of business on April 20, which is seven days prior to the redemption date.
The Bank of New York Mellon, London Branch is the trustee.
Pune, India-based Suzlon is a wind power company that manufactures, designs, develops and sells wind turbine generators.
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