The Nordex Group has signed with its banks a new and substantially optimized syndicated credit facility for bank guarantees.
The term, scope and conditions of this guarantee credit facility have been adjusted to meet the Group’s current requirements.
Thus, the facility amounts to EUR 550 million and ends on 30 June 2017. “In this way, we have created the financial basis for funding our expected further growth in the future and the resulting guarantee obligations,” says Nordex CFO Bernard Schäferbarthold.
Last year, the Group’s sales rose by around 33 percent to EUR 1.4 billion, accompanied by a substantial improvement in operating profit. At the same time, Nordex was able to strengthen its balance sheet due to its stringent working capital management and the successful issue of new equity in November 2013. Says Schäferbarthold: “The new funding arrangements have in particular been made possible by this favourable performance.