Nordex bags EUR 1.4bn to fund AWP buy, future growth

German wind turbine maker Nordex SE (ETR:NDX1) said today it has obtained EUR 1.4 billion (USD 1.52bn) in funding to help bankroll its pending acquisition of peer Corporacion Acciona Windpower SL (AWP) and finance its future growth.

Nordex has secured a EUR-950-million, five-year credit line from 14 national and international banking partners and a EUR-450-million cash facility with a duration of up to 18 months. The credit line could be expanded to EUR 1.2 billion, if necessary, and to include banks covering AWP’s markets. As per the cash facility, it will be used to finance the cash portion of the AWP purchase and to pay back a corporate bond maturing in April 2016, Nordex said.

The German firm agreed to take over the wind turbine production arm of Spanish group Acciona SA (BME:ANA) in early October for the sum of EUR 785 million in cash and stock. The acquisition is pending regulatory clearance and is seen to close in the first quarter of 2016.

(EUR 1.0 = USD 1.086)

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