Nordex has agreed a new credit line worth €950m with 14 national and international banking partners to fund its future growth.
The new credit line has a five-year term of five years and can be increased up to €1.2bn, if necessary.
It has been structured in such a way that following the completion of the merger with Acciona Windpower it can be widened to include banks covering the Spanish wind turbine manufacturer´s markets, including South Africa, Mexico and India.
Nordex also reached agreement on a €450m cash facility, which has 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.
Nordex said it expects the review by the competition authorities of the AWP merger to be completed in the course of the first quarter of 2016.
Nordex chief financial officer Bernard Schäferbarthold said: “In selecting the syndicate banks, some of which are new, we paid attention to good ratings and the ability to support the Group in its new regional orientation in emerging markets.”
Image: a Nordex N117 3000 wind turbine (Nordex)
