Germany

Germany

Nordex extends €1.2 billion loan for three years

Nordex has refinanced a €1.21 billion guarantee credit facility for three years, enabling it to secure its project business with customers backed by banks.

The facility's three-year tenor can also be extended twice for up to one year each time
The facility's three-year tenor can also be extended twice for up to one year each time

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The facility is due to run until April 2023, but the manufacturer can twice extend it for one year each time.

It is provided by a consortium of 21 national and international banks, led by Banca IMI, BNP Paribas, Commerzbank, HSBC, and UniCredit Bank.

The credit line is unsecured and includes an ancillary facility of €100 million, which can be used to draw on bilateral bank loans or guarantees, Nordex added.

Analyst ISS Oekom has given the facility a B rating for environmental, social, and corporate governance, certifying it as sustainable, the turbine manufacturer added.

It comes as a further boost for Nordex, which earlier this month reported a surge in orders for Q1.

The manufacturer had also forecast an increase in sales this year, and stated that it would be able to carry out orders despite uncertainty about how the coronavirus pandemic will impact its business.

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