Senvion, a wholly owned subsidiary of the Suzlon Group, the world's fifth-largest wind energy turbine manufacturer, has signed an agreement with a consortium of banks headed by Bayern LB, Commerzbank Aktiengesellschaft and Deutsche Bank for a syndicated working capital facilities of EUR 850 million for a period of three years.
This move enables Senvion SE to secure follow-on financing early for the credit facilities of EUR 750 million agreed in May 2012 for the period up to August 2014.
In total, 14 international banks and credit insurance companies are participating in this financing with a term of three years, syndication of which was significantly oversubscribed. Six globally reputed financial institutions and banks with excellent ratings have been added to the banks consortium. The financing structure remains largely unchanged and primarily consists of non-Fund based (guarantee) facilities.
Marcus A. Wassenberg, CFO of Senvion said: "This enhanced facility with long tenure is of significance importance for the growth of the Company and the oversubscription of the same with new additions to the Consortium clearly reflects strong confidence of global Banks and Credit Insurance Companies in business fundamentals, Company Management and strategy of the Company."