Suzlon Debt Gains as India’s Biggest Defaulter Faces Holders
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Convertible notes sold by Suzlon Energy Ltd., India’s biggest defaulter on debt that can be exchanged into equity, are trading at their highest level in three years as the wind-turbine supplier prepares to meet with bondholders later this week.
The Pune-based company’s $90 million of zero-coupon notes due later this month traded at 95 cents on the dollar July 4, the highest since June 2011, according to prices from Elara Capital Plc. Its $175 million of 5 percent debentures due April 2016 held at par, matching the highest since August 2011. Its stock has doubled in two months.