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Suzlon reaches deal to restructure $1.8 billion debt

The deal would give the wind turbine maker enhanced working capital facilities by $350 million
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First Published: Thu, Jan 24 2013. 04 27 PM IST
The package includes a two-year moratorium on principal and term-debt interest payments, a 3% reduction in interest rates and a six-month moratorium on working capital interest.  Photo: Mint
The package includes a two-year moratorium on principal and term-debt interest payments, a 3% reduction in interest rates and a six-month moratorium on working capital interest. Photo: Mint
Updated: Thu, Jan 24 2013. 11 15 PM IST
Mumbai: Lenders to Suzlon Energy Ltd have approved the Indian wind turbine maker’s corporate debt restructuring plan for $1.8 billion, the company said on Thursday.
The deal would give the world’s fifth-largest wind turbine maker, which defaulted on a $200 million convertible bond redemption in October, enhanced working capital facilities by $350 million, it said in a statement.
“The package includes a two-year moratorium on principal and term-debt interest payments, a 3% reduction in interest rates, six-month moratorium on working capital interest ...” it said.
Also $270 million, or two year’s interest payment during moratorium, will be converted into equity or equity-linked instruments over the next two years, it said.
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First Published: Thu, Jan 24 2013. 04 27 PM IST
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