Suzlon Group successfully completes US$ 647 mn bond issue

Pune: Suzlon Group today announced the successful completion of the bond
issuance, by its wholly owned subsidiary – AE Rotor Holding (AERH). The bonds are
US dollar-denominated and backed by Stand-By Letter of Credit (SBLC) from State
Bank of India and have a five year bullet maturity. The bonds will be listed on the
Singapore stock exchange (SGX).

The funds raised through this issue will be used to refinance existing US dollardenominated
foreign currency debt of the Issuer and its subsidiary.

Speaking on the development, Mr Kirti Vagadia, Group Head – Finance, said: “In
addition to the significant progress made on the final documentation for CDR
package, this marks an important milestone for the Group and completes one of the
key requirements of our CDR proposal, addressing our major bank debts.

“The unique structure of the deal, which we believe to be the first ever USD credit
enhanced bond from India, gives the Group much needed head-room via low-cost
funding and a back-ended repayment schedule.”

We also continue to be in active dialogue with FCCB holders and banks to arrive at a
consensual solution in the interest of all stakeholders, which is the last remaining
step in our comprehensive liability management exercise.

Notes to the editor:

• J.P. Morgan acted as Sole Bookrunner and Joint Lead Manager, with SBICAP (UK) Ltd also acting as Joint Lead Manager for the issue
• Moody’s Investor Services has assigned a provisional (P)Baa2 rating to the bond issue, which is equivalent to the credit rating of SBI for its senior unsecured foreign currency debt rating