REC amends terms of its bank credit facilities

Fri Mar 22, 2013 10:26am EDT

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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 Bjørnsen, EVP & CFO, telephone: + 47 917 02 097

Mikkel Tørud, 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 www.recgroup.com.

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

Amended bank facility covenants http://hugin.info/136555/R/1687559/553456.pdf 


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Source: Renewable Energy Corporation ASA via Thomson Reuters ONE


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