DGAP-News: Nordex SE / Key word(s): Financing/Financing
2015-12-21 / 09:32
Nordex secures funding for a further five years – credit facility of a total of EUR 1.4 billion
Hamburg, 21 December 2015. Nordex SE is laying the foundations for the future, having agreed with 14 national and international banking partners on a new syndicated guarantee facility tailored to meet the requirements of its future growth.
With a value of EUR 950 million, the new credit line has a term of five years. « 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 has been structured in such a way that following the completion of the merger with Acciona Windpower (AWP) it can be widened to include banks covering the Spanish wind turbine manufacturer’s markets, particularly growth 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 finalisation of the long-term funding instrument, this will cover the cash component of the AWP transaction and will also 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.
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