Gamesa Signs Syndicated Loan

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Gamesa has signed a new syndicated loan worth 1.2 billion euros with 24 banks, refinancing its existing loan due October 2012. The terms of the new loan provide for staggered principal repayments between 2014 and 2016, with a total of 568 million euros due in 2014, 131 million euros (the European Investment Bank tranche) maturing in 2015 and 500 million euros due in 2016.

With this loan arrangement, Gamesa says it has injected stability in terms of credit availability and longer-term financing visibility, eliminating prevailing credit market risk factors.

By closing this agreement, the bank syndicate has effectively ratified its commitment to the Gamesa endeavor, refinancing the full amount at a similar cost to the 2009 syndicated loan, while stretching out the repayment terms in time.

The deal was lead arranged by eight financial institutions (BBVA, Santander, Bankia, Barclays, La Caixa, Citigroup, ING and Lloyds), which syndicated it to another 16 Spanish and international banks (Banco Popular, Sabadell, Commerzbank, Banesto, BNP, Royal Bank of Scotland, Caja Navarra, West LB, Unicaja, BBK, Banca March, Bankinter, Bankoa, Caja Laboral, Caja Vital and Cajastur).

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