* Shares offered at 5 pct below Tuesday's close
* Vestas needs stronger balance sheet to compete -CFO
(Adds details, CFO quote, share price)
COPENHAGEN Feb 4 Vestas Wind Systems
raised 3.3 billion Danish crowns ($600 million) in an
over-subscribed share issue, the wind turbine maker said on
Stock was alloted at a price of 162 crowns per share, five
percent below Tuesday's close of 170.10 crowns, which was 4
percent down on the day, Vestas said in a statement.
The proceeds will be used to provide greater financing
flexibility and to further enhance its financial stability, by
strengthening its solvency ratio and obtaining more flexible
banking arrangements, the company said.
"We are debt free but we need a stronger balance sheet to be
able to compete more head to head with the strong financial
players in the market," Vestas' Chief Financial Officer Marika
Fredriksson told Reuters.
The share issue was announced late on Monday in connection
with a full-year earnings report that showed that Vestas, after
two years of cost-cutting, expects profit to improve in 2014.
DNB, HSBC, Nordea and SEB
are coordinating the share issue, and
Rothschild is Vestas' financial adviser. Payment and
settlement is expected to take place on Feb. 10.
Vestas also said on Monday that it had agreed a new
five-year revolving credit facility of 850 million euros with
Nordea, DNB, HSBC and SEB.
(Reporting by Teis Jensen and Niklas Pollard Additional
reporting by Shida Chayesteh; Editing by Louise Ireland)