Nordex has successfully refinanced its over €1bn credit guarantee facility for the next three years.
The €1.2bn facility signed with an international banking syndicate comprising 21 banks and insurance companies will allow the Nordex Group to secure its project business with customers with bank guarantees in the respective main currencies, the turbine manufacturer said.
The banking syndicate is led by Banca IMI (Intesa Sanpaolo Group), BNP Paribas, Commerzbank, HSBC and UniCredit Bank.
Nordex Group’s chief financial officer Christoph Burkhard said: “Given the difficult market environment, this refinancing is an extraordinary success which we owe to our partner banks, who have made this possible by showing their confidence in Nordex and their untiring support.”
A spokesperson said that in view of the continuing positive order intake trend and the Group’s numerous international projects, the guarantee facility is of great importance for Nordex.
The facility is unsecured and also includes an ancillary facility of €100m, which can be used to draw on bilateral bank loans or guarantees.
The guarantee facility has been certified as sustainable after having received a B rating under ESG criteria by ISS Oekom, a leading global provider of sustainability analyses.
This means that the Nordex Group now has a further sustainable financing instrument in place in addition to its “green” promissory note and Green Bond.
The guarantee facility has an initial three-year span and is scheduled to mature in April 2023.
The facility includes the option of being extended twice, for another year each time, by requesting prior approval from lenders.