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Jun 12, 2012, 09.12 AM IST
Wind turbine maker Suzlon Energy is in advanced talks to raise upto USD 300 million worth refinance loan to repay FCCB bondholders. CNBC-TV18's Gopika Gokakumar reports.
Loss making-Suzlon will seek a 45-day extension from bondholders to repay FCCBs maturing on June 12, while it's trying to raise as much as USD 300 million in foreign currency loans to repay its USD 360 million liability. The FCCB holders are going to meet in London today.
The company is in talks with SBI, IDBI, PNB, Central Bank and YES Bank for the refinance loan. It is looking to raise loans at LIBOR + 500 basis points.
The redemption will be extended to July 27 if bondholders agree.
Debt overhang and concerns over the company's ability to repay liability amid muted business has resulted in shares of Suzlon Energy falling 66% in the past one year to 18 as on Friday. BSE benchmark Sensex declined 9% in the same period.
Tags: Suzlon Energy
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