Bank Group Prematurely Extends WKN Loan Contract (Germany)

Recently the existing syndicated working capital credit line for the project developer WKN AG has been prematurely extended for about another two years. The credit line of 29 million Euros secures the firm financial base for the operative business of the next coming years.

The bank consortium led by Commerzbank Aktiengesellschaft and the Deutsche Bank AG as joint mandated lead arranger and bookrunner now provide the credit line originally from the year 2011 until 30 June 2016.

“The premature extension of the syndicated credit line for this amount confirms the confidence of our banks in WKN and their new majority shareholder PNE WIND AG,” CFO Michael Ostwald comments on the conclusion of the contract. In July 2013, the majority shares of WKN were transferred to PNE WIND AG with its company headquarters in Cuxhaven. With this WKN AG continues to operate as an independent company.

[mappress]

Press release, September 11, 2013