October 08, 2008

Suzlon Energy launched and priced FCCBs

Suzlon Energy Limited announced that it has launched and priced a proposed foreign currency convertible bonds issuance for an amount of USD 200 million on September 21st 2007. Credit Suisse Hong Kong Ltd acted as the Sole book runner to the transaction.

The foreign currency convertible bonds, which have a maturity of 5 years and 1 day, are convertible at a conversion price of INR 1,859.40 per share, which is at a premium of 30% over the 5 day volume weighted average price of INR 1,430.31 on the NSE on September 20th 2007. The foreign currency convertible bonds are zero coupon bonds with a yield to maturity of 7.55%, calculated on a semi annual basis, at the end of 5 years and 1 day if not converted into shares during the period.

The foreign currency convertible bonds are expected to be listed on the Singapore Exchange Securities Trading Ltd.