REC amends terms of its bank credit facilities

Sandvika, March 22, 2013: Renewable Energy Corporation (REC) has today reached an agreement with its lending banks to amend the terms of its bank credit facility. Effectiveness of the new terms is subject to finalization of the contract documents and customary closing conditions.

The credit facility is currently undrawn and REC held cash and cash equivalents of NOK 1.9 billion at the end of 2012. The NOK 2 billion credit facility will be reduced to a NOK 400 million revolving facility and a new guarantee facility of additional NOK 400 million. Loans under the credit facility mature in April 2014, and issuance of guarantees must be made before maturity.  

The covenants in the revolving credit facility and indemnification loans will be amended and there will be no measurement of EBITDA and leverage ratio until the end of 2013. Main covenants of the facility can be found attached hereto.

With these adjustments REC reduces its overall financing cost and secures facilities that are better suited for REC's current business needs.

For further information, please contact

Kjell Christian Bj�rnsen, EVP & CFO, telephone: + 47 917 02 097

Mikkel T�rud, SVP Investor Relations & Business Development, telephone: +47 976 99 144

About REC

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. To see more of what REC can offer, visit

This information is subject of the disclosure requirements acc. to �5-12 vphl (Norwegian Securities Trading Act)

Amended bank facility covenants
Amended bank facility covenants