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Web Exclusive | March 2013

Suzlon, the 1st firm to sell $647 mn bonds with debt recast

Debt-ridden Suzlon Energy on March 25 raised $647 million in bonds overseas, becoming the first domestic company to attract investors while already in debt recast. Bankers said that Suzlon successfully sold $ 647 million worth of five-year dollar Reg S (regulation S) bonds at a coupon of 4.97 per cent to the US treasury.

This is the first ever credit enhancement bond sale by a domestic firm. It is also the first such issue from entire Asia, excluding Japan, the bankers added.

This bond sale is unique as Suzlon is the first-ever domestic corporate to get a funding boosting while in CDR. The sale programme was comfortably oversubscribed but did not put a number to it. He added the co-lead banker to the deal was SBI Caps.

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