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Vestas and banks agree

Vestas has re-negotiated its credit facility

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Denmark’s wind energy giant Vestas has reached agreement with its banks on a revised credit facility of EUR 900 million.

Vestas says the revised EUR 900m syndicated loan facility has been agreed with its existing lender group of nine international banks. It has also reached revised term loans with the European Investment Bank to the tune of EUR 200 million and the Nordic Investment Bank for EUR 55 million.

“We are satisfied to have reached an agreement with our lenders. It is in the interest of Vestas to reduce our debt and we now look forward to focusing all our efforts on the continuous development of a more scalable Vestas,” says Vestas President and CEO Ditlev Engel.

The revised facility replaces an existing credit facility of EUR 1.3 billion and the company expects to have amortised its term loans by January 2015. The revolving credit facility is due to expire in January 2015, but with an option to extend it for a further two years.

“Vestas’ new operating business model has demonstrated its strength as our future funding requirement is now at a lower level, and we are confident that with the revised facilities Vestas will be well covered,” says Vestas CFO, Dag Andresen.

Vestas stock jumped 13 per cent shortly after the agreement was announced.

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