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Phoenix Solar AG announced that despite the ongoing problems in financial and credit markets around the world, it has received a syndicated loan of €150 million [US $191.37 million]. The syndicate is made up of the TecDAX-listed company's principal banks as well as a new bank.
The agreement was signed by the syndicate banks and Sabine Kauper, the group's Chief Financial Officer, in Munich.
The lead manager and mandated lead arranger is BayernLB. Deutsche Bank together with Dresdner Bank and Hypo Vereinsbank, will act as senior lead arrangers, along with LfA Förderbank Bayern and the Fürstenfeldbruck Savings Bank as co-arrangers.
The agreement was signed by the syndicate banks and Sabine Kauper, Phoenix Solar's CFO, in Munich. The loan, which has a term of three years, will serve to finance the working capital of the Phoenix Solar Group and to cover its need for guarantees and letters of credit.
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