Suzlon to sell $650 mn overseas bonds as part of CDR

Suzlon Energy, which recast its loans in January, is hitting the overseas bond markets to raise $650 million to prepay its forex debts, making it the first domestic company under CDR to do so, according to company and merchant banking sources.

The $650-million dollar-denominated bonds sale programme, beginning Monday, is necessitated by the fact that the recent Rs 9,500-crore corporate debt restructuring (CDR) did not include the forex loans, a company source with direct knowledge of the development told PTI.

The money will not flow into the company kitty but to the 19 member consortium of domestic lenders, sources said.

So, the bond sale is a part of the debt restructuring package announced on January 24 by beleaguered Suzlon Energy, the world