Vestas reaches agreement on credit facilities

In July 2012 Vestas agreed with its lenders to defer the half-year testing of the financial covenants. Following this and during the autumn of 2012, Vestas has conducted a thorough review of the future funding requirements of the company’s new operating business model.

Consequently, the lenders and Vestas have agreed on the following facilities and loans:

• A revised € 900 million syndicated loan facility with the existing lender group of nine international banks structured as a € 250 million amortising term loan and a EUR 650 million revolving credit facility. The revised facility will replace the current syndicated facility of € 1,300 million.
• Revised term loans on an amortising basis with the European Investment Bank for EUR 200m and with the Nordic Investment Bank for € 55 million.

The terms loans will be amortised by January 2015 and the revolving credit facility will expire in January 2015 with an option to extend it for another two years. The revised facilities are sufficient to support the company’s new operating business model without the need for an equity issue. The terms of the revolving credit facility and the term loans are subject to final credit approval and documentation. Once this is completed, Vestas will have credit facilities of € 1,155 million and a corporate Eurobond of € 600 million.