Senvion signs 100 Million Euro Loan Agreement with its Lenders and Main Bond Holders
Hamburg, Germany - Senvion, its lenders and main bond holders have signed a binding loan agreement, setting forth terms for a 100 million Euro debtor-in-possession facility. According to the wind turbine company, the facility enables Senvion to continue its business operations following last week's self-administration filing.
The super-senior secured DIP facility with a tenure of 12 months will provide Senvion the financial means to proceed with the comprehensive transformation process initiated at the beginning of this year. Senvion's management led by CEO Yves Rannou, has implemented measures to strengthen the company, refocus operations, concentrate on the most attractive markets, streamline the product portfolio, improve installation execution and realize efficiency gains in the service business.
These transformation initiatives are showing first positive results. Senvion installed 366 MW worldwide in Q1 2019, more than twice as much as in Q1 2018. The majority of new capacity was installed for customers in growth markets in South America and Australia, where Senvion has significantly improved execution. With around 120 MW in Chile and Argentina and nearly 110 MW in Australia, these growth markets account for over 60% of the installations in the first quarter. Senvion also built and installed its first turbine in India, another key growth market. Senvion's important service business also continues to develop positively. At the end of Q1 2019, the total installed capacity under service amounted to 14.1 GW.
"We would like to thank both our lenders and main bond holders for their support in agreeing to provide us with a DIP facility that will enable us to continue our operations. This is particularly helpful since we managed to significantly ramp up our installations in Q1. So, this is encouraging news for all of us and of course for our transformation process. We have received a multitude of supportive reactions from our customers and suppliers and continue our close dialogue with them”, said Senvion CEO Yves Rannou.
Source: IWR Online, 18 Apr 2019