Renewable Energy Corporation ASA : REC amends terms of its bank credit facilities Sandvika, March 22, 2013: Renewable Energy Corporation (REC) has today reached an agreement with its lending banks to amend the terms of its bank credit facility. Effectiveness of the new terms is subject to finalization of the contract documents and customary closing conditions. The credit facility is currently undrawn and REC held cash and cash equivalents of NOK 1.9 billion at the end of 2012. The NOK 2 billion credit facility will be reduced to a NOK 400 million revolving facility and a new guarantee facility of additional NOK 400 million. Loans under the credit facility mature in April 2014, and issuance of guarantees must be made before maturity. The covenants in the revolving credit facility and indemnification loans will be amended and there will be no measurement of EBITDA and leverage ratio until the end of 2013. Main covenants of the facility can be found attached hereto. With these adjustments REC reduces its overall financing cost and secures facilities that are better suited for REC's current business needs. For further information, please contact Kjell Christian Bjørnsen, EVP & CFO, telephone: + 47 917 02 097 Mikkel Tørud, SVP Investor Relations & Business Development, telephone: +47 976 99 144 About REC REC is a leading global provider of solar electricity solutions. With nearly two decades of expertise, we offer sustainable, high-performing products, services and investment opportunities for the solar and electronics industries. Together with our partners, we create value by providing solutions that better meet the world's growing electricity needs. Our 2,300 employees worldwide generated revenues of more than NOK 7 billion in 2012, approximately EUR 1 billion or USD 1.3 billion. To see more of what REC can offer, visit www.recgroup.com. Thisinformation is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act) Amended bank facility covenants ------------------------------------------------------------------------------ This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Renewable Energy Corporation ASA via Thomson Reuters ONE HUG#1687559
Renewable Energy Corporation ASA : REC amends terms of its bank credit facilities
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