Slaughter and May advised the European Investment Bank ('EIB') on the amendment and restatement of a EUR 200 million term loan to Vestas Wind Systems A/S ('Vestas'). The amendment and restatement of EIB's EUR 200 million term loan was part of a wider financing package provided to Vestas which also included (i) a revised EUR 900 million syndicated loan facility with a lender group of nine international banks which was structured as a EUR 250 million amortising term loan and a EUR 650 million revolving credit facility; and (ii) a revised term loan with the Nordic Investment Bank for EUR 55 million.

In addition to the amendment of Vestas' main credit facilities, Vestas also reached agreement on new guarantee facilities for the issuance of project related guarantees.

The amendment and restatement of the EIB's term loan follows on from work completed during the summer of 2012 when Slaughter and May advised the EIB on negotiations relating to the deferral of the testing of Vestas' financial covenants.

Slaughter and May were supported by the Copenhagen office of Kromann Reumert.

Contacts

Financing: Ian Johnson (partner), Adrian Wilkes (associate), Tess Lister (associate)

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