Vestas Wind Systems — Capital/Financing Update 2014

Feb 3, 2014

Agreement on new five-year credit facility of EUR 850m

Aarhus, Denmark, 2014-02-03 18:19 CET (GLOBE NEWSWIRE) --

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE,
PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED
STATES, AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA OR ANY JURISDICTION IN WHICH
SUCH PUBLICATION OR DISTRIBUTION IS UNLAWFUL.

Agreement on new five-year credit facility of
EUR 850m

Vestas has agreed on a new five-year revolving
credit facility at a total amount of EUR 850m. The facility has been agreed
with a group of four banks comprising Nordea, DNB, HSBC and SEB. The facility
documentation is expected to be completed in the first quarter of 2014.

Background and existing facilities

The new facility will replace the existing EUR 650m revolving credit facility
expiring in January 2015 with an extension option until mid-2016. In addition,
Vestas has a combination of project-related guarantee facilities. Vestas is
comfortable that the existing debt structure satisfies the ongoing financing
requirements of the business; however, the new five-year credit facility will
further extend the company’s maturity profile and strengthen its financial
position.

Key commercial terms of the facility

The new revolving credit facility and improved funding structure provides a
stable, long-term financing platform that adequately supports Vestas’ objective
of profitable growth. The facility has been raised on attractive terms that
reflect the improved credit profile of Vestas.

Key commercial terms attached to the facility
include, inter alia:

· A maturity of five years from the date
of signing of the facility documentation.

· The facility provides for both cash drawings and issuance of
project-related guarantees.

· The facility contains a sub-limit of EUR 500m for cash drawings.

The new facility is for general corporate
purposes. In addition, Vestas will be securing new bilateral project-related
guarantee facilities. The new revolving credit facility is credit approved
subject to documentation and a successful capital increase to be completed by
Vestas.

Rothschild is acting as financial adviser to the
company in relation to the refinancing.

Going forward, Vestas will continue to assess its
debt financing requirements and options across all non-public and public debt
markets.

“Post
completing of our two-year turnaround plan, the new credit facility is designed
to support Vestas’ continued progress across projects, markets and customers.
The new facility reflects the strengths of Vestas’ flexible operating business
model and allows the company to continue its process of increasing
profitability and strong cash generation,” says
Marika Fredriksson, Executive Vice President & CFO, and continues: “We are pleased with the support we have received from
our key relationship banks and we are grateful for their continued commitment
to our company. This agreement is a sign of confidence in Vestas and our
strategy for the years ahead. Together with additional capacity for
project-related guarantees, this facility puts Vestas on the firm footing to
achieve our objective of profitable growth.”

Contact details

Vestas Wind Systems A/S

Henrik Guldbæk Welch, Senior Vice President, Group Treasury, Tel.: +45 9730
5621 and

Lars Villadsen, Senior Vice President, Investor
Relations, Tel.: +45 9730 7201

Disclaimer and cautionary statement

The securities referred to in this announcement
have not been, and will not be, registered under the Securities Act or under
the securities legislation of any state of the United States, and may not be
offered, sold, resold or delivered, directly or indirectly, in or into the
United States absent registration except pursuant to an exemption from, or in a
transaction not subject to, the registration requirements of the Securities
Act. The securities referred to in this announcement have not been and will not
be registered under any applicable securities laws of any state, province,
territory, county or jurisdiction of Australia, Canada, Japan, South Africa or
in any jurisdiction in which such offers or sales are unlawful (the “Excluded
Territories”). Accordingly, unless an exemption under relevant securities laws
is applicable, any such securities may not be offered, sold, resold, taken up,
exercised, renounced, transferred, delivered or distributed, directly or
indirectly, in or into the Excluded Territories or any other jurisdiction if to
do so would constitute a violation of the relevant laws of, or require
registration of such securities in, the relevant jurisdiction. There will be no
public offer of securities in the United States or any Excluded
Territory.

This document contains forward-looking statements
concerning Vestas' financial condition, results of operations and business. All
statements other than statements of historical fact are, or may be deemed to
be, forward-looking statements. Forward-looking statements are statements of
future expectations that are based on management’s current expectations and
assumptions and involve known and unknown risks and uncertainties that could
cause actual results, performance, or events to differ materially from those
expressed or implied in these statements.

Forward-looking statements include, among other
things, statements concerning Vestas' potential exposure to market risks and
statements expressing management’s expectations, beliefs, estimates, forecasts,
projections and assumptions. A number of factors that affect Vestas' future
operations and could cause Vestas' results to differ materially from those
expressed in the forward-looking statements included in this document,
including (without limitation): (a) changes in demand for Vestas' products; (b)
currency and interest rate fluctuations; (c) loss of market share and industry
competition; (d) environmental and physical risks, including adverse weather
conditions; (e) legislative, fiscal, and regulatory developments, including
changes in tax or accounting policies; (f) economic and financial market
conditions in various countries and regions; (g) political risks, including the
risks of expropriation and renegotiation of the terms of contracts with
governmental entities, and delays or advancements in the approval of projects;
(h) ability to enforce patents; (i) product development risks; (j) cost of
commodities; (k) customer credit risks; (l) supply of components; and (m)
customer-created delays affecting product installation, grid connections and
other revenue-recognition factors.

All forward-looking statements contained in this
document are expressly qualified by the cautionary statements contained or
referenced to in this statement. Undue reliance should not be placed on
forward-looking statements. Additional factors that may affect future results
are contained in Vestas' annual report for the year ended 31 December 2013
(available at www.vestas.com/investor) and these factors also should be
considered. Each forward-looking statement speaks only as of the date of this
document. Vestas does not undertake any obligation to publicly update or revise
any forward-looking statement as a result of new information or future events
others than as required by Danish law. In light of these risks, results could
differ materially from those stated, implied or inferred from the
forward-looking statements contained in this document.