Wind giant Vestas agrees new finance facilities with lenders

Wind turbine manufacturer Vestas has reached a new agreement with its bank lenders, which it says will be sufficient to support its business without the need for any new share issue.

The agreement includes a revised €900m ($1.17bn) syndicated loan facility with the existing lender group of nine international banks, structured as a €250m amortising term-loan and a €650m revolving credit facility. The revised arrangement will replace the current syndicated facility of €1.3bn.

It also involves revised term loans on an amortising basis with the European Investment Bank for €200m and with the Nordic Investment Bank for €55m.

The term loans will be amortised (paid down) by January 2015 and the revolving credit facility will expire at the same point, with an option to…

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