Renewable Energy Corporation (REC): Financial position
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REC, the largest European supplier of solar panels globally, announces that it has significantly reduced the debt maturing in the second quarter 2014.
The recently announced transaction will reduce REC’s 2014 convertible bond by 50 percent through partial repayment and partial extension of debt maturity to 2016 and 2018. The refinancing of NOK 1.2 billion (EUR 160 million) is funded through an equity issue raising NOK 372 million (about EUR 50 million), NOK 0.4 billion (EUR 55 million) in existing available cash and increasing the size of the existing 2016 and 2018 senior bond facilities by about NOK 0.4 billion (EUR 55 million).
This adjusted maturity profile gives REC reassurance through the challenging market conditions which are still dominated by overcapacity, while the remaining NOK 1.6 billion (more than EUR 200 million) cash gives REC added security.
“This refinancing package demonstrates the continued support from lenders and shareholders and reaffirms REC’s financial strength in midst of a very difficult time for the solar industry,” says Luc Graré, Senior Vice President Solar Sales and Marketing, REC. “From this solid financial platform we will continue to offer high-quality solar products and services, but equally important, reliable and long-lasting partnerships with our customers and partners globally.”
The refinancing further strengthens REC’s already sound financial position. The remaining debt maturities in 2014 are clearly manageable and REC’s equity ratio of more than 50 percent is above the solar industry average.
For further information please contact:
Public Relations Manager, REC Solar Sales and Marketing GmbH
Leopoldstr. 175, 80804 Munich, Germany
Phone: +49 89 54 04 67 223
Follow REC on Twitter: https://twitter.com/recgroupmedia
REC is a leading global provider of solar electricity solutions. With nearly two decades of expertise, we offer sustainable, high-performing products, services and investment opportunities for the solar and electronics industries. Together with our partners, we create value by providing solutions that better meet the world's growing electricity needs. Our 2,300 employees worldwide generated revenues of more than NOK 7 billion in 2012, approximately EUR 1 billion or USD 1.3 billion.