Vestas share issue, new credit facility

The V164 nacelle on the way to Østerlid
Vestas unveiled plans to issue more than 20 million new shares, which could raise about €450m ($608m), and reached agreement with four banks over a new five-year revolving credit facility totalling €850m.

The Danish wind group said of the share issue: "Vestas intends to use the net proceeds of the placing to provide greater financing flexibility and to further enhance its financial stability, by strengthening its solvency ratio and obtaining more flexible banking arrangements.

"The board believes that this will facilitate the generation of additional business opportunities, thereby accelerating Vestas’ strategy of delivering profitable growth."

The credit facility deal is with Nordea, DNB, HSBC and SEB.

Recharge Insights director Robert Clover said the issue and the new credit facility "represent a sign of greater confidence in Log in to read complete article.

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