2024-03-29
http://w3.windfair.net/wind-energy/news/14800-agreement-on-new-five-year-credit-facility-of-eur-850m

News Release from Vestas

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Agreement on new five-year credit facility of EUR 850m

Vestas has agreed on a new five-year revolving credit facility at a total amount of EUR 850m. The facility has been agreed with a group of four banks comprising Nordea, DNB, HSBC and SEB. The facility documentation is expected to be completed in the first

Background and existing facilities
The new facility will replace the existing EUR 650m revolving credit facility expiring in January 2015 with an extension option until mid-2016. In addition, Vestas has a combination of project-related guarantee facilities. Vestas is comfortable that the existing debt structure satisfies the ongoing financing requirements of the business; however, the new five-year credit facility will further extend the company’s maturity profile and strengthen its financial position.
Key commercial terms of the facility.

The new revolving credit facility and improved funding structure provides a stable, long-term financing platform that adequately supports Vestas’ objective of profitable growth. The facility has been raised on attractive terms that reflect the improved credit profile of Vestas.

 

Key commercial terms attached to the facility include, inter alia:
·         A maturity of five years from the date of signing of the facility documentation.
 ·         The facility provides for both cash drawings and issuance of project-related guarantees.
 ·         The facility contains a sub-limit of EUR 500m for cash drawings.

The new facility is for general corporate purposes. In addition, Vestas will be securing new bilateral project-related guarantee facilities. The new revolving credit facility is credit approved subject to documentation and a successful capital increase to be completed by Vestas.

Rothschild is acting as financial adviser to the company in relation to the refinancing.
Going forward, Vestas will continue to assess its debt financing requirements and options across all non-public and public debt markets.

“Post completing of our two-year turnaround plan, the new credit facility is designed to support Vestas’ continued progress across projects, markets and customers. The new facility reflects the strengths of Vestas’ flexible operating business model and allows the company to continue its process of increasing profitability and strong cash generation,” says Marika Fredriksson, Executive Vice President & CFO, and continues: “We are pleased with the support we have received from our key relationship banks and we are grateful for their continued commitment to our company. This agreement is a sign of confidence in Vestas and our strategy for the years ahead. Together with additional capacity for project-related guarantees, this facility puts Vestas on the firm footing to achieve our objective of profitable growth.”

Source:
Vestas
Email:
vestas-centraleurope@vestas.com
Link:
www.vestas.com/...



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