Nordex Group has secured a revolving syndicated loan facility of €350m to help protect against the impacts of the Covid-19 pandemic.
The loan runs until 30 April 2022, with 90% of the credit line guaranteed by the Federal Republic of Germany under its loan guarantee programme, as well as the city of Hamburg and the state of Mecklenburg-West Pomerania.
The banking consortium consists of Banca Bilbao Vizcaya Argentaria, BNP Paribas, Commerzbank Aktiengesellschaft, Credit Agricole Corporate and Investment Bank, HSBC Trinkaus & Burkhardt, Intesa Sanpaolo, UniCredit Bank, Norddeutsche Landesbank and the Cooperatieve Rabobank.
Nordex chief financial officer Christoph Burkhard said: “With this credit facility, we are soundly protecting the company against the effects on our operating business and remaining uncertainties caused by the Covid19 pandemic.
“A crucial factor in this success is the confidence placed in the Nordex Group by the state guarantors and the banking syndicate in Nordex being a sustainable technology company in the renewable energies sector, a key industry of the 21st century.”
In May, the company communicated its intention to apply for governmental support under the Corona guarantee programme as a precautionary measure to reinforce Nordex’s means in the face of the crisis.
Nordex will provide further details on the transaction with its regular reporting.