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Suzlon pins hopes on Brookfield deal for bond payback as investors wait

Suzlon Energy Ltd., which became India's biggest convertible note defaulter when it missed payments in 2012, must repay $172 million outstanding on such securities that were issued as part of a debt

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Suzlon pins hopes on Brookfield deal for bond payback as investors wait

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  1. BUSINESS STANDARD Suzlon pins hopes on Brookfield deal for bond payback as investors wait Investors in Indian company debt are looking whether a stressed wind- turbine maker will repay its dollar-denominated convertible bonds due on Tuesday, and facilitate avoid further widening of strains in the nation’s credit market.

  2. Suzlon Energy Ltd., that became India’s biggest convertible note defaulter when it missed payments in 2012, should repay $172 million outstanding on such securities that were issued as part of a debt restructuring. Whereas that revamp helped the company’s shares surge in 2014-2015, they’ve since slumped after India’s shift to auctions for building wind projects accumulated competition and diluted Suzlon’s market share. The company’s bank facility ratings were cut to default by Care Ratings in April after it failed to meet payback obligations to its lenders. Any delay in repayments on the convertibles could further spook credit investors already reeling under a spate of defaults within the last year, from IL&FS cluster to Dewan Housing Finance Ltd. Read MORE

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