September 21, 2007
Suzlon announces FCCB issue
Suzlon Energy Ltd has informed BSE that the Company on September 21, 2007 has launched and
priced a proposed Foreign Currency Convertible Bonds ("FCCBs") issuance for an amount of US$ 200
million. Credit Suisse (Hong Kong) Ltd acted as the Sole Bookrunner to the transaction.
The FCCBs, which have a maturity of 5 years and 1 day, are convertible at a conversion price of Rs
1,859.40 per share (as adjusted from time to time), which is at a premium of 30% over the 5 day
volume weighted average price (VWAP) of Rs 1,430.31 on the NSE on September 20, 2007. The
FCCBs 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 FCCBs are expected to be listed on the Singapore Exchange Securities Trading Ltd.
The funds raised will replace short-term debt taken during the companys acquisition of REpower
Systems of Germany replacing interest bearing debt with non - interest bearing funds.