Senvion signs EUR 100m loan agreement with its lenders and main bond holders
- Senvion has obtained the support of its lenders and main bond holders to continue operations
- Binding loan agreement setting forth terms for a EUR 100m facility signed
- Installation ramp-up achieved in Q1 2019 with 119% growth yoy
Yves Rannou, CEO of Senvion, said: "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. We also deeply appreciate the support of our teams on the ground and their continuous commitment to support Senvion on this journey back to health."
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.
BOOST IN INSTALLATIONS
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, meaning that Senvion has again grown its strong and profitable service business. Senvion maintains close to 80% of its installed capacity, with an order book of around EUR 2.8bn. The average Senvion service contract tenor stands at more than ten years, which enables accurate long-term visibility and forecasts of revenue and cash flow.
Vice President Capital Markets and Public Relations
Senior Manager Corporate Communications
End of Media Release
Issuer: Senvion S.A.
Key word(s): Energy
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