REpower Secures Syndicated Loan of EUR 750 Million

REpower Systems SE yesterday signed an agreement with a consortium of banks headed by BayernLB, Commerzbank Aktiengesellschaft and Deutsche Bank AG for a syndicated loan of EUR 750.0 million. This move enables REpower to secure follow-on financing early for the credit facilities of EUR 600.0 million agreed in May 2009.

The loan has a term of 2.5 years. In total, 13 German and international banks and credit insurance companies are participating in this loan. Aside from the present institutions, three other high-profile names have been secured for this follow-on financing.

REpower’s CFO Derrick Noe stresses the importance of this agreement for the company: “The confidence that our banks and credit insurance companies are showing in our strategy is an important sign for all our stakeholders, especially given the current difficult environment in our industry. Increasing our credit lines by 25% has put us in a good position to continue the profitable growth course seen in past years. Actually, we are growing faster than our competitors and are gaining significant market shares. We expect a double-digit growth for both, sales and earnings, for the current as well as for the next fiscal year.”

[mappress] Offshore WIND staff, March 01, 2012; Image: REpower