REpower Systems SE has signed an agreement with a consortium of banks headed by BayernLB, Commerzbank Aktiengesellschaft and Deutsche Bank AG for a syndicated loan of 750 million euros. According to REpower, this move enables the company to secure early follow-on financing for the credit facilities of 600 million euros agreed upon in May 2009.
The loan has a term of 2.5 years. In total, 13 German and international banks and credit insurance companies are participating in this loan. Aside from the present institutions, three other high-profile names have been secured for this follow-on financing.
‘The confidence that our banks and credit insurance companies are showing in our strategy is an important sign for all our stakeholders, especially given the current difficult environment in our industry,’ notes Derrik Noe, REpower's chief financial officer. "Increasing our credit lines by 25% has put us in a good position to continue the profitable growth course seen in past years."
