Cadeler A/S (OSE: CADLR) #Cadeler announced the signing of the previously-announced EUR 550m Senior Secured Green Loan Facilities (the “Facilities”) with a group of banks led by DNB and supported by Rabobank, Credit Agricole, Danske Bank, Oversea-Chinese Banking Corporation (OCBC), Standard Chartered Bank and Societe Generale. The purpose of the Facilities is to refinance existing vessels in Cadeler and Eneti Inc. ahead of the contemplated business combination between the two companies as previously announced , to finance crane upgrades of Cadeler’s two existing vessels and to fund general corporate and working capital purposes.
The Facilities are made up of two RCFs amounting to EUR 350m, a EUR 100m term loan guaranteed by The Danish Export and Investment Fund of Denmark (EIFO) and a EUR 100m uncommitted Guarantee facility. The green financing is supported by an updated Green Finance Framework and a Second Party Opinion issued by S&P Global re-confirming a Medium Green Rating. The Facilities comes in addition to the recently announced EUR 50m Green Loan facility with HSBC.
Mikkel Gleerup, CEO of Cadeler said: “The strong support from Nordic and Global banks to successfully close this secured green loan facility underlines the trust in Cadeler’s vision and capability to facilitate the renewable transition. With Cadeler’s strategic position in the market, we are well placed to meet the increasing global demands and to execute the largest and most complex offshore wind installation projects.”
Jan Ole Huseby, Global Head of Ocean Industries at DNB said: “The Facilities showcases DNB’s ability to arrange and underwrite tailored solutions for our clients. We are pleased to partner with Cadeler as Underwriter, Bookrunner, Co-ordinator, Facility Agent, Green Advisor and ECA Agent on this important financing supporting the energy transition.”
The Facilities underlines the strong partnership between Cadeler and financiers. The final documentation of the financing has been signed, leaving closing of the Facilities only subject to fulfilment of customary conditions precedent and the closing of the previously-announced share exchange offer by Cadeler for all of the outstanding shares of Eneti Inc. (the “Tender Offer”). Prior to completion of the Tender Offer, the two companies will continue to operate separately of one another.
Source: Cadeler
