Suzlon: Holders of convertible bonds agree to maturity date extension

By Toni Weeks

San Diego, June 11 - Suzlon Energy Ltd. said that holders of its $300 million of zero-coupon convertible bonds due 2012 and its $35,592,000 of 7.5% convertible bonds due 2012 voted at a bondholders meeting on Monday to extend the maturity of both bond series to July 27, 2012.

According to a press release, the company also has the option to redeem either series of the bonds at any time prior to the maturity date.

Suzlon announced last month that it was at an advanced stage of raising up to $300 million with the company's senior secured lenders to refinance its June foreign-currency convertible bond obligations.

In a May 18 news release, chief financial officer Kirti Vagadia said Suzlon needed the 45-day maturity extension to allow enough time to obtain required approvals and finalize documentation.

"Our banks are aligned and supportive of our initiatives to address near-term obligations and achieve our long-term capital structure objectives," Vagadia said in last month's release.

"We continue to work on plans to raise capital at our overseas subsidiary level as well as our programs to monetize non-critical assets. With this package of measures we remain totally confident of meeting our obligations."

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

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