Suzlon completes debt restructuring with approval of secured lenders

Suzlon Group has completed its debt restructuring by reducing its term debt substantially with an interest rate of 9 per cent per annum. repayable over 10 years starting 1st July, 2020.

The balance debt of secured consortium lenders has been replaced by 0.01 per cent optionally convertible debenture (OCD) of the company and 0.0001 per cent compulsorily convertible preference shares (CCPS) of its subsidiary redeemable or convertible in 20 years. According to company, debt restructuring will ease the pressure on its cash flows significantly and give headroom for ramping up business operations. A capital infusion of Rs 3920 million was made by promoters, key shareholder and various stakeholders in Suzlon.

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