Vestas Wind Systems A/S has signed a new €1.05 billion (US$1.18 billion) revolving credit facility, available for loans as well as project-related guarantees.
The revolving credit has a five-year duration with an option, at the lenders' discretion, to extend the maturity for up to two additional years (5 + 1 + 1). A sub-limit for loans of up to €500 million (US$563 million) is also in place.
The facility refinances the existing €1 billion (US$1.13 billion) revolving credit facility dated March 31st 2014 and enables Vestas to extend the company's debt maturity profile at favorable pricing and terms.
This news follows Vestas successful placing of a €500 million (US$563 million) Eurobond in March, which was very well-received by European investors.