Suzlon Sells $647 Million in Five-Year Bonds to Refinance DebtJustin Doom
Suzlon Energy Ltd., the Indian wind-turbine maker that failed to repay convertible debt last year, completed its sale of $647 million in bonds.
Yields on the five-year notes, backed by State Bank of India, will be 4.97 percent, according to a statement today on the company’s website. The bonds, provisionally rated Baa2, the second-lowest investment grade, by Moody’s Investors Service, will be listed in Singapore. The funds will be used to refinance U.S. dollar-denominated debt, the Pune-based company said.
JPMorgan Chase & Co. and SBICAP UK Ltd. managed the sale, according to the statement.
India’s largest wind-turbine maker in October failed to repay $209 million in the nation’s largest convertible-bond default.