Tennet secures refinancing

NETHERLANDS: Tennet has refinanced its two revolving credit facilities into a single EUR 2 billion facility.

Tennet operatest the HelWin beta platform in the German North Sea
Tennet operatest the HelWin beta platform in the German North Sea

The existing EUR 1.125 billion and EUR 500 million credit facilities will be brought under the one facility. It can be used for everyday corporate purposes.

Ten banks participated in the refinancing of the facilities, including Barclays, BNP Paribas, Deutsche Bank, and Lloyds. RBS acted as the coordinator and ING Bank was the agent for the refinancing.

The facility's maturity date was set at July 2019 and includes two one-year extension options.

In October, Tennet was formally approved a EUR 500 million loan from the European Investment Bank to build and maintain the 576MW capacity HelWin1, the 864MW capacity Sylwin1 and the 900MW DolWin1 grid connections in the German North Sea.

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