Nordex has agreed with 14 national and international banking partners on a new syndicated guarantee facility. With a value of € 950 million, the new credit line has a term of five years.
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 € 1.2 billion. At the same time as the guarantee facility, agreement was also reached on a cash facility of € 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.