The company had earlier undertaken a detailed review of necessary funding for its new operating business model.
Vestas secured a revised €900m syndicated loan facility with an existing nine-bank consortium structured as a €250m amortizing term loan and a €650m revolving credit facility, thereby replacing the current syndicated facility of €1,300m.
Term loans were also revised on an amortizing basis with the European Investment Bank for €200m and Nordic Investment Bank for €55m.
Revolving credit facility and term loans will expire in January 2015, the terms of which are subject to final credit approval and documentation.
The company will now retain a total of €1,155m in credit facilities and €600m corporate Eurobond.
Vestas CFO Dag Andresen said, "Vestas’ new operating business model has demonstrated its strength as our future funding requirement is now at a lower level, and we are confident that with the revised facilities Vestas will be well covered."
