Vestas Undecided About Future Bond Issues, Chairman Says

Vestas Wind Systems A/S (VWS), which has 600 billion euros ($827 million) of bonds due in a year’s time, hasn’t decided yet whether it will refinance by issuing more debt, Chairman Bert Nordberg said today.

“I don’t think we will have a problem refinancing if we want to,” Nordberg said in a phone interview from Aarhus, Denmark. He said that he’d expect a “much lower” coupon than the 4.625 percent interest on the current issue.

Vestas improved its finances by almost 1 billion euros in 2013, ending the year with net cash of 86 million euros compared with net debt of 900 million euros a year earlier. Last month, the company arranged a five-year 850 million-euro revolving credit facility to replace a 650 million-euro line.

Nordberg also said Vestas has no current plans to seek a credit rating from a rating company.

“I don’t think we need it at the moment,” the chairman said. “It could have been a reason if we had problems for getting finances, but today it would be pretty easy to get a new banking arrangement.”

The yield on Vestas’s bond due next March dropped to a record-low 2.19 percent on March 17, and traded at 2.2 percent today.

To contact the reporter on this story: Alex Morales in London at

To contact the editors responsible for this story: Reed Landberg at Amanda Jordan

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