Linklaters has advised Suzlon Energy Limited, the largest wind turbine supplier in India and the world’s fifth largest wind turbine supplier group, on India’s biggest bond restructuring. The deal comprised the restructuring of four series of convertible bonds, which involved the existing bonds being substituted by new US$546,916,000 step-up convertible bonds due 2019, pursuant to a consent solicitation and voluntary substitution.
The successful restructuring implemented a standstill agreement with members of an ad hoc committee of bondholders. Various aspects of the consent solicitation and voluntary substitution required the approval of the Reserve Bank of India.
The Linklaters team was led by Capital Markets partner Jeremy Webb and included Capital Markets partner Andrew Carmichael and Managing Associates Pallavi Gopinath Aney and Sohrab Khushrushahi.
