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.



Trachte Inc._id1770
Latest Top Stories

Are Fitch Ratings' Claims About Wind Farm Underperformance Unfounded?

A recent report from Fitch Ratings suggests that wind farms underperform due to an overestimation of wind resources, but AWS Truepower says the analysis misses the mark.


SunEdison Buying First Wind In $2.4 Billion Deal

Global solar company SunEdison and its yeildco have announced an agreement to buy the Boston-based developer, a major player in the U.S. wind industry.


U.S., China Reach Ambitious Climate Change Accord

The agreement between the global superpowers leans heavily on the deployment of renewable energy, such as wind and solar.


What The Midterm Elections Mean For The U.S. Wind Industry

Both chambers of Congress are now under Republican control for the first time since 2006. How will wind energy fare?


GE Blade Crashes At Mehoopany Wind Farm In Pennsylvania

The turbine manufacturer says the Nov. 2 incident is "isolated and unrelated" when compared to earlier blade issues.

Renewable NRG_id1934
Hybrid Energy Innovations 2015
BG 2015DblBox_id2032