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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 is the newest addition to the Renewables Now team. She has significant experience as a Spain-focused business news reporter and is now diving deeper into the global renewable energy industry.

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