News Article
Phoenix Solar Borrows €150 Million
Phoenix Solar secures the group’s future growth through a syndicated loan of €150 million. The loan has a three year term.
Phoenix Solar has secured the group's future growth through a syndicated loan of EUR 150 million. The syndicate is made up of the TecDAX listed company's principal banks as well as a new bank. The lead manager and mandated lead arranger is BayernLB. Deutsche Bank together with Dresdner Bank and Hypo Vereinsbank, a member of UniCredit Group, will act as senior lead arrangers, along with LfA Förderbank Bayern and the Fürstenfeldbruck Savings Bank as co-arrangers.
The agreement was signed by the syndicate banks and Sabine Kauper, the Group's CFO, in Munich. The loan, which has a term of three years, will serve to finance the working capital of the Phoenix Solar Group and to cover its need for guarantees and letters of credit. “The signing of this successful and oversubscribed agreement despite the crisis in the international financial markets underscores the trust of the syndicate banks in the future oriented business model of Phoenix Solar”, commented Sabine Kauper.
The agreement was signed by the syndicate banks and Sabine Kauper, the Group's CFO, in Munich. The loan, which has a term of three years, will serve to finance the working capital of the Phoenix Solar Group and to cover its need for guarantees and letters of credit. “The signing of this successful and oversubscribed agreement despite the crisis in the international financial markets underscores the trust of the syndicate banks in the future oriented business model of Phoenix Solar”, commented Sabine Kauper.
