in News Departments > FYI
print the content item

Vestas says it has reached an agreement with lenders on a group of credit facilities and loans.

Among those facilities is a revised 900 million euro syndicated loan facility with the existing lender group of nine international banks structured as a 250 million euro amortizing term loan and a 650 million euro revolving credit facility. The revised facility will replace the current syndicated facility of 1.3 billion euros.

The company has also reached an agreement with the European Investment Bank on revised term loans on an amortizing basis for 200 million euros and with the Nordic Investment Bank for 55 million euros.

The loans will be amortized by January 2015, and the revolving credit facility will expire in January 2015, with an option to extend it for another two years, Vestas says, adding that 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 1.155 billion euros and a corporate Eurobond of 600 million euros, the company says. In addition, Vestas is securing new project-related guarantee facilities.


Mortenson Construction_id2024

Trachte Inc._id1770
Latest Top Stories

Yahoo Inks Contract To Buy Kansas Wind Power

The Internet company plans to log in to the Alexander wind project, which is being built by community developer OwnEnergy.


Could Initial Offshore Wind Projects Crash New England's REC Market?

Some are concerned that the first offshore wind projects could negatively impact pricing of renewable energy credits (RECs) in New England.


Catching Up With The DOE's Down-Select Offshore Winners

The three recipients of key U.S. Department of Energy (DOE) funding provide updates on their offshore wind demonstration projects.


Texas Comptroller Attacks Wind Power, And Industry Fights Back

Texas Comptroller Susan Combs recently released a report calling for an end to wind power subsidies. The Wind Coalition has responded, saying the report is riddled with misinformation.


How To Mitigate Blade Issues And Costly Downtime

Routinely inspecting your turbine's blades can help identify problems early on, ultimately cutting down unscheduled maintenance costs.

Renewable NRG_id1934
Canwea_id1984