Nordex SE is laying the foundations for the future wind-power growth. The company has agreed with 14 national and international banking partners on a new syndicated guarantee facility tailored to meet the requirements of its future growth plans. With a value of EUR 950 million, the new credit line has a five-year term.
“In selecting the syndicate banks, some of which are new, we paid attention to good ratings and the ability to support the Group in its new regional orientation in emerging markets,” explained Chief Financial Officer Bernard Schäferbarthold.
The agreement is structured in such a way that following the completion of the merger with Acciona Windpower (AWP), the contract can include banks covering the Spanish wind-turbine manufacturer´s markets as well — particularly markets such as South Africa, Mexico, and India. If necessary, the facility can be increased to up to EUR 1.2 billion.
At the same time as the guarantee facility, agreement was also reached on a cash facility of EUR 450 million with a duration of up to 18 months. Pending the finalization of the long-term funding instrument, this will cover the cash component of the AWP transaction and will partly be used to repay a corporate bond maturing in April 2016.
In this way, the Nordex Group has passed a further key milestone towards the merger with AWP.
Nordex expects the review by the competition authorities, for which Nordex has submitted all documents with the responsible authorities in five jurisdictions within the requisite period, to be completed in the course of the first quarter of 2016.
Filed Under: Financing, News