Siemens Gamesa obtains EUR-2.5bn debt package

Siemens Gamesa wind turbine. Photo taken from Siemens' website (www.siemens.com).

May 31 (Renewables Now) - Wind turbine maker Siemens Gamesa Renewable Energy SA (BME:SGRE) said on Wednesday it has secured EUR 2.5 billion (USD 2.9bn) in debt, seeking to cover general corporate needs and refinance existing liabilities.

The multi-currency term and revolving credit facility was signed with a group of international lenders and replaces a EUR-750-million credit facility obtained last year. More specifically, the financing consists of a EUR-2-billion revolving facility and a EUR-500-million term facility due in 2021. The revolver matures in 2023 and has two on-year extension options, Siemens Gamesa said.

The wind turbine manufacturer, that was formed after Gamesa and Siemens Wind Power of Germany merged in April 2017, described the deal as “very successful,” having attracted almost EUR 3.8 billion subscription offers from financial entities.

(EUR 1.0 = USD 1.165)

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