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Sif agrees EUR-350m refinancing

Wind turbine. Author: Martin Cathrae. License: CC BY-SA 2.0

February 26 (Renewables Now) – Wind industry supplier Sif Holding NV (AMS:SIFG) has been granted a refinancing facility of EUR 350 million (USD 397.8m) that will replace the existing credit of EUR 250 million expiring in mid-2019.  

The Dutch steel tubulars manufacturer announced on Tuesday an agreement with lenders Rabobank, ING Groep NV (AMS:INGA), ABN AMRO Bank NV and insurers Euler-Hermes and Tokio Marine Holdings Inc (TYO:8766), saying that the increase included in the new arrangement would serve to support the company’s future business.

The new facility is split between a revolving credit of EUR 100 million and a committed guarantee facility of EUR 250 million. It matures on February 22, 2022, and can be extended twice for a period of one-year.

The previous EUR 250 million arrangement had a EUR 90 million revolving credit and EUR 160 million in committed guarantee facilities.

Margins and commitment fees have remained unchanged at Euribor plus a surcharge tied to leverage and solvency ratios on a quarterly basis.

If Sif meets certain sustainability key performance indicators (KPIs), it can earn a maximum of 0.05% in discounts.

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Sladjana has significant experience as a Spain-focused business news reporter and is now diving deeper into the global renewable energy industry. She is the person to seek if you need information about Latin American renewables and the Spanish market.

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