Nordex inks €550m credit deal

German wind turbine manufacturer Nordex said it has signed with its banks a new and improved syndicated credit facility for bank guarantees.

The facility amounts to €550m ($758m) and ends on 30 June 2017.

“In this way, we have created the financial basis for funding our expected further growth in the future and the resulting guarantee obligations,” says Nordex chief financial officer Bernard Schäferbarthold.

Last year, Nordex’s sales rose by around 33% to €1.4bn, accompanied by a substantial improvement in operating profit.

At the same time, the company says it was able to strengthen its balance sheet due to its stringent working capital management and the successful issue of new equity in November 2013.

“The new funding arrangements have in particular been made possible by this favourable performance,” Schäferbarthold says.