Vestas ups loan value to EUR 1 billion

DENMARK: Vestas has increased the value of its already-announced loan deal, signing up for a EUR 1 billion revolving credit facility.

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In February, the manufacturer originally announced a EUR 850 million loan from a group of six banks, but it has now agreed a higher figure and finalised the deal.

When Vestas first announced the planned loan, senior vice president Morten Albaek said that the company was not looking to put the money towards rapid expansion or acquisitions.

"It is about building confidence," he said. "Customers we are entering into long-term contracts with will be assured that we will be around in 5, 10, 15 years."

The unsecured facility has a maturity of five years and will replace an existing EUR 650 million facility that expires in January 2015.

The banks providing the debt are Nordea, DNB, HSBC, SEB, Société Générale and UniCredit.

Vestas has also announced that it will float 209 million new shares on the stock market to raise around EUR 450 million.

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