Senvion SE, a wholly owned subsidiary of the Suzlon Group, has signed an agreement with a consortium of banks headed by BayernLB, Commerzbank Aktiengesellschaft and Deutsche Bank AG for a syndicated loan of EUR 850 million. The turbine maker says this move enables it to secure follow-on financing early for the credit facilities of EUR 750 million agreed in May 2012 for the period up to August 2014.
In total, 14 international banks and credit insurance companies are participating in this financing with a term of three years, syndication of which was significantly oversubscribed, Senvion adds. Six new names have been secured to the consortium, and the financing structure remains largely unchanged and chiefly consists of guarantee facilities.
"Particularly in the current political and economic environment in our sector, the confidence of our banks and credit insurance companies is confirmation of Senvion's strategic orientation," says Marcus A. Wassenberg, chief financial officer of Senvion. "The EUR 100 million increase in our credit facilities also sends a strong signal to our customers."