Cadeler has announced the signing of €550m Green Loan and Guarantee 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 ahead of the planned business combination between the two companies, 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 €350m, a €100m term loan guaranteed by The Danish Export and Investment Fund of Denmark and a €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 €50m Green Loan facility with HSBC.
“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,” said Cadeler chief executive Mikkel Gleerup.
“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.”
Global head of ocean industries at DNB Jan Ole Huseby added: “The facilities showcase 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.”