Nordex gets EUR 350m in debt as COVID-19 aid

German wind turbine maker Nordex SE (ETR:NDX1) has received EUR 350 million (USD 414.4m) in debt from the federal government to tackle the effects of the COVID-19 crisis.

The company said on Friday that the revolving syndicated loan was extended through Germany’s Corona guarantee programme as a precautionary measure to enhance its business activities in the wake of the global economic turmoil.

The debt, with maturity on April 30, 2020, is 90% guaranteed by the Federal Republic of Germany, the city of Hamburg and the state of Mecklenburg-West Pomerania. Banca Bilbao Vizcaya Argentaria SA, BNP Paribas SA, Commerzbank Aktiengesellschaft, Credit Agricole Corporate and Investment Bank, HSBC Trinkaus & Burkhardt AG, Intesa Sanpaolo SpA, UniCredit Bank AG, Norddeutsche Landesbank and the Cooperatieve Rabobank UA participate in the lending consortium.

"With this credit facility, we are soundly protecting the company against the effects on our operating business and remaining uncertainties caused by the COVID 19 pandemic," chief financial officer Christoph Burkhard.

(EUR 1.0 = USD 1.184)

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