BKW has prematurely refinanced its revolving credit facilities with an unsecured, committed revolving credit facility of CHF 1 billion*

* Ad hoc announcement pursuant to Art. 53 LR

After the sudden increase in liquidity requirements in the wholesale energy sector at the end of 2021, BKW secured committed revolving credit facilities totalling CHF 2 billion in 2022 as part of its prudent risk policy. The energy wholesale markets have stabilised again over the past year as energy prices have fallen. Although a cautious risk policy is still being pursued, the original level of financial flexibility is no longer needed. In order to optimise capital costs, the existing credit facilities have therefore been refinanced before maturity.

Martin Zwyssig, CFO of BKW, says: “BKW was able to refinance its revolving credit facilities in advance on excellent terms. Our company is thereby sticking to its prudent risk policy, which paid off during the disruption on the energy markets.”

The new revolving credit facility of CHF 1 billion was agreed with around 20 Swiss and foreign banks under the lead of UBS Switzerland AG. The facility has a five-year term until 2029, with the option to extend it twice by one year. There is also an option to increase it by up to CHF 0.5 billion to cover any short-term financing needs that may arise.