Hamburg, Germany [RenewableEnergyWorld.com] REpower Systems AG signed an agreement with a consortium of banks for a syndicated loan of €600 million. The loan, with a term of three years, consists of one tranche of €500 million for the provision of warranties and guarantees and a second tranche of €100 million as working capital.
In total, twelve German and international banks and loan insurances companies are participating in this loan, syndication of which was slightly over subscribed. They include Bayerische Hypo- und Vereinsbank AG, Deutsche Bank AG, Dresdner Kleinwort, Euler Hermes Kreditversicherungs-AG, HSH Nordbank AG, and The Royal Bank of Scotland plc. The book runners are Deutsche Bank AG and Dresdner Kleinwort.
“We are delighted that the banks and credit insurances are placing their trust in us in these economically turbulent times and are supporting our development by significantly widening our lines of credit. By concluding this finance agreement, the course has been set for REpower’s ambitious growth targets,” said Pieter Wasmuth REpower’s CFO.