Renewable Energy Corporation ASA : REC amends terms of its bank credit
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
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
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
Thisinformation is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
Amended bank facility covenants
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Source: Renewable Energy Corporation ASA via Thomson Reuters ONE
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