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.