Suzlon Plans First Global Wind Bond Since 2011: India Credit
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Suzlon Energy Ltd. plans the first international bond offering among wind-turbine makers in more than a year, testing investor appetite as the industry struggles with a supply glut and dwindling government support.
India’s biggest maker of the equipment may sell as much as $500 million of debt in the third quarter, Chief Financial Officer Kirti Vagadia said Aug. 14. The yield on Suzlon’s 5 percent convertible note due 2016 touched an all-time high of 32 percent Aug. 30, Elara Capital Plc prices show. Similar-maturity debt of Germany’s Nordex SE yielded 10 percent compared with 13 percent on 2015 bonds of Denmark’s Vestas Wind Systems A/S.