In July 2012 (ref. company announcement No. 30/2012 of 31 July 2012), Vestas agreed with its lenders to defer the half-year testing of the financial covenants. Following this and during the autumn of 2012, Vestas has conducted a thorough review of the future funding requirements of the company’s new operating business model.
The review shows that with the new operating business model, Vestas will be capable of reducing its debt in the years to come.
Consequently, the lenders and Vestas have agreed on the following facilities and loans:
- A revised EUR 900m syndicated loan facility with the existing lender group of nine international banks structured as a EUR 250m amortising term loan and a EUR 650m revolving credit facility. The revised facility will replace the current syndicated facility of EUR 1,300m.
- Revised term loans on an amortising basis with the European Investment Bank for EUR 200m and with the Nordic Investment Bank for EUR 55m.
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