Germany - Vestas Wins Loan Revisions, Removing Threat of New-Equity Issue

In July 2012 (ref. company announcement No. 30/2012 of 31 July 2012),
Vestas agreed with its lenders to defer the half-year testing of the
financial covenants. Following this and during the autumn of 2012,
Vestas has conducted a thorough review of the future funding
requirements of the company's new operating business model.

The review shows that with the new operating business model, Vestas will
be capable of reducing its debt in the years to come. Consequently, the
lenders and Vestas have agreed on the following facilities and loans:

A revised EUR 900m syndicated loan facility with the existing lender
group of nine international banks structured as a EUR 250m amortising
term loan and a EUR 650m revolving credit facility. The revised facility
will replace the current syndicated facility of EUR 1,300m. Revised term
loans on an amortising basis with the European Investment Bank for EUR
200m and with the Nordic Investment Bank for EUR 55m.

The terms loans will be amortised by January 2015 and the revolving
credit facility will expire in January 2015 with an option to extend it
for another two years.

The thorough review also concludes that the revised facilities are
sufficient to support the company's new operating business model without
the need for an equity issue.

The terms of the revolving credit facility and the term loans are
subject to final credit approval and documentation. Once this is
completed, Vestas will have credit facilities of EUR 1,155m and a
corporate Eurobond of EUR 600m. In addition to this, Vestas is securing
new project related guarantee facilities.

Vestas' President and CEO Ditlev Engel says: "We are satisfied to have
reached an agreement with our lenders. It is in the interest of Vestas
to reduce our debt and we now look forward to focusing all our efforts
on the continuous development of a more scalable Vestas."

Vestas' CFO, Dag Andresen adds: "Vestas' new operating business model
has demonstrated its strength as our future funding requirement is now
at a lower level, and we are confident that with the revised facilities
Vestas will be well covered."


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