Funding and rating information
Here you will find relevant information for Vestas bond investors on outstanding bonds, our company credit rating, and EMTN programme.
Funding strategy and principles
We finance our operations and investments through a combination of our own generated cash flow and external funding.
We are a reliable and valued partner in financial markets, and cultivating relationships with our key debt capital investors is an inherent part of our financing strategy.
Our overall funding goal is to secure adequate and sufficient supply of capital and to minimise, within stipulated internal directives and adopted risk limits, long-term funding costs.
Our business operations are capital intensive with major seasonal fluctuations. This makes it necessary to have both short- and long-term funding available to secure our financial flexibility needs.
Managing financial risks are an inherent part of our operating activities through its international operations. We are exposed to a number of financial risks, why the monitoring and control of financial risks is important for Vestas.
For more information, see the Annual Report note Capital structure and financing items.
Our Treasury Policy sets the limits for the various financial risks as well as our policy of only hedging commercial exposures and not entering into any speculative transactions. We manage our liquidity risks according to the Treasury Policy and ensures to have sufficient financial resources to service its financial obligations. Financial resources are managed through a combination of cash on bank account and money market deposits, committed credit facilities, and highly rated marketable securities. The liquidity is managed and optimised centrally by using cash pools and in-house bank solutions.
Our EMTN Programme and Outstanding Bonds
Vestas has established a Euro Medium Term Note (EMTN) programme. The EMTN programme provides a framework for issuances of senior unsecured notes up to an aggregated principal amount of EUR 3 billion.
The prospectus, which has been prepared by Vestas in connection with the establishment of the EMTN programme, has been approved by Euronext Dublin and the Central Bank of Ireland.
Euro Medium Term Note Programme
| Issuer | Vestas Wind Systems A/S or Vestas Wind Systems Finance B.V. |
| Guarantor | Vestas Wind Systems A/S |
| Programme size | EUR 3,000,000,000 |
| Arranger | UniCredit |
| Dealers | Citi, DNB, SEB, Société Générale and UniCredit |
| Listing | Euronext Dublin |
| Programme rating | Baa2 (Moody’s) |
| Prospectus documents |
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| Constitutional documents |
Bonds issued under the EMTN Programme
To access the final terms for each of the bonds, go here
| 2029 SLB | 2031 SLB | 2033 Bond | 2034 SLB |
Issuer | Vestas Wind Systems Finance B.V. | Vestas Wind Systems A/S | Vestas Wind Systems A/S | Vestas Wind Systems Finance B.V. |
Amount | EUR 500m | EUR 500m | EUR 500m | EUR 500m |
Coupon | 1.65% | 4.125 % | 3.75% | 2.00% |
Type | Sustainability-Linked | Sustainability-Linked | Conventional | Sustainability-Linked |
Issue date | 15 March 2022 | 22 November 2023 | 18 March 2026 | 15 March 2022 |
Maturity date | 15 June 2029 | 15 June 2031 | 15 June 2033 | 15 June 2034 |
ISIN code | XS2449928543 | XS2725957042 | XS3310548105 | XS2449929517 |
Under our EMTN programme, Vestas has issued Sustainability-Linked Bonds The framework is aligned with the Sustainability-Linked Bonds Principles 2020 (SLBP). Vestas was reviewed by DNV, who also provided the Second Party Opinion.
The Progress Reports related to our Sustainability-Linked Bonds can be found in the download list.
Framework and reports
Revolving Credit Facility
Our main credit facility, a EUR 2,000m revolving credit facility, was signed in April 2021. The facility has a five-year duration, with an option to extend the maturity with one or two additional years. It is available for general corporate purposes, including issuance of guarantees in relation to wind power projects.
The option to extend the facility for two additional years has been executed and made effective and the facility now has a duration until April 2028. Further, the link to Vestas’ sustainability targets and related sustainability KPI’s are no longer embedded in the facility.
The following banks participate in the revolving credit facility (Mandated Lead Arranger and Bookrunner in alphabetical order):
- Banco Santander
- BNP Paribas
- Citi
- Danske Bank
- DNB
- HSBC
- JP Morgan
- Nordea
- Skandinaviska Enskilda Banken
- Société Générale
- Standard Chartered
- Unicredit
Credit rating
We have solicited a credit rating from one rating agency: Moody’s.
Moody’s assess Vestas according to two main parameters:
- Business risk analysis, comprising industry characteristics, competitive position, management, and business strategy.
- Financial risk analysis, comprising financial policy, cash flow protection, profitability, capital structure, and financial flexibility.
Current rating and outlook
| Agency | Long-term rating | Outlook | Latest rating action | Rating analyst |
|---|---|---|---|---|
| Moody’s | Baa2 | Stable | 16 February 2023 Rating downgraded to Baa2 (from Baa1) Outlook changed to stable (from negative) | Oliver Giani +49 69 70730 722 |
