Nordex Secures €1.66bn Refinancing Package

German wind turbine manufacturer Nordex Group has successfully refinanced more than €1.66 billion ($1.95 billion) of debt in a credit guarantee financing facility for the next three years.

German wind turbine manufacturer Nordex Group has successfully refinanced more than €1.66 billion ($1.95 billion) of debt in a credit guarantee financing facility for the next three years.


The financing consists of three operations totaling €1.66 billion and which were guaranteed by Nordex subsidiaries across 16 jurisdictions.

The company had secured a €1.2 billion ($1.41 billion) facility in April, signed with an international banking syndicate comprising 21 banks and insurance companies, led by Banca IMI (Intesa Sanpaolo Group), BNP Paribas, Commerzbank, HSBC and UniCredit Bank.

That facility is unsecured and also includes an ancillary facility of €100 million ($117.5 million), which can be used to draw on bilateral bank loans or guarantees.

In addition, Nordex secured a €350 million ($411.4 million) revolving credit facility from Commerzbank Finance & Covered Bond as agent, and which was structured by Banco Bilbao Vizcaya Argentaria, Niederlassung Deutschland, BNP Paribas, Niederlassung Deutschland, Commerzbank Aktiengesellschaft, Crédit Agricole Corporate and Investment Bank, HSBC Trinkaus & Burkhardt, Intesa Sanpaolo Filiale Frankfurt, and UniCredit Bank.

The revolving credit facility is designed to protect the company from the negative effects and uncertainty caused by the Covid-19 pandemic, and which was structured as part of the German federal government’s credit guarantee program for the states of  Mecklenburg-West Pomerania and Hamburg.

Mexican law firm González Calvillo participated in this transaction as local counsel to Nordex, and in the April 2020 transaction to secure the abovementioned €1.21 billion loan, while the company was advised internationally by Freshfields Bruckhaus Deringer from the law firm’s Frankfurt office.

Chilean law firm Larrain y Asociados acted as local counsel to Nordex.

The €1.66 billion loan package also includes a €100 million credit line with the European Investment Bank, and which González Calvillo also participated as Mexican legal counsel to Nordex, while the international legal advisor to the company was Norton Rose Fulbright, through its Frankfurt office.

The refinancing package will allow the Nordex Group to secure its project business with customers with bank guarantees in the respective main currencies, the turbine manufacturer said.

Given the difficult market environment, this refinancing is an extraordinary success which we owe to our partner banks, who have made this possible by showing their confidence in Nordex and their untiring support,” Nordex Group’s CFO Christoph Burkhard said.

A company spokesperson said that in view of the continuing positive order intake trend and the Group’s numerous international projects, the guarantee facility is of great importance for Nordex.

The guarantee facility has been certified as sustainable after having received a ‘B’ rating under ESG criteria by ISS Oekom, a leading global provider of sustainability analyses.

This means that the Nordex Group now has a further sustainable financing instrument in place in addition to its "green" promissory note and Green Bond.

The guarantee facility has an initial three-year span and is scheduled to mature in 2023.

The facility includes the option of being extended twice, for another year each time, by requesting prior approval from lenders.

 

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