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Suzlon Finishes $1.8 Billion Debt Restructuring With Share Issue

April 23 (Bloomberg) -- Suzlon Energy Ltd., the Indian wind-turbine maker that failed to repay convertible debt last year, said it implemented its 95 billion rupee ($1.8 billion) debt reorganization plan and issued new shares to lenders.

Suzlon completed an issue of 302.4 million shares at 18.51 rupees each to its lenders on a preferential basis, the first phase of its planned allotment, the Pune-based company said today in a statement.

The share issue was part of the $1.8 billion debt restructuring plan the company’s domestic lenders -- comprising a group of 19 banks -- approved in January after Suzlon failed to pay $209 million of foreign-currency convertible notes on Oct. 11. It was India’s biggest convertible-bond default.

The plan included a two-year moratorium on principal and interest payments, a proposal to reduce the interest rate by 3 percent, an extension of repayment by eight years after the moratorium begins Oct. 1 and equity allotment to its lenders, according to the statement.

To contact the reporter on this story: Sally Bakewell in London at sbakewell1@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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