“We came to the market with a EUR 1.2bn facility reflecting that the projects are becoming increasingly bigger and with that also the potential fluctuation in working capital. However, due to the strong demand from the invited group of relationship banks, we decided to increase the facility. The particular structure of the facility (5+1+1) is something that is normally reserved for companies with an A rating or better,” says Henrik Hald Hellmuth, Senior Vice President, Group Treasurer, and continues: “We have managed to both increase the size of the facility and to extend its tenor, and for that reason we are very grateful for the strong support, which we for many years have received from our core banking group. We feel that with the new syndicate and our considerable existing bilateral facilities, Vestas is very well covered both geographically and product-wise."
As part of the strengthening of the financial competencies, Vestas’ Group Treasury department will relocate to Zurich, Switzerland, to get even closer to the international financial market.