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SPAIN: Siemens Gamesa Renewable Energy (SGRE) has signed a \u20ac2.5 billion multi-currency term and revolving credit facility for “general corporate purposes” and to refinance existing debt.<\/p>\n
The facility replaces a \u20ac750 million credit facility signed in 2017, the manufacturer stated.<\/p>\n
It comprises a \u20ac2 billion revolving facility that matures in 2023 with two one-year extension options, and a \u20ac500 million term facility that matures in 2021.<\/p>\n
SGRE signed the facility with a syndication of international financial entities having attracted nearly \u20ac3.8 billion in subscription offers, it added.<\/p>\n
At its\u00a0capital market day<\/a>\u00a0in February, the company unveiled plans to cut costs by \u20ac2 billion over the next three years, following a tough first 12 months since the merger.<\/p>\n Chief executive Markus Tacke said SGRE was on course to cut \u20ac400 million by 2020, while the remaining \u20ac1.6 billion in savings would be made in productivity as the firm relocates manufacturing to lower-cost countries.<\/p>\n