Dutch offshore wind contractor Boskalis has refinanced its revolving credit facility (RCF) providing the company with €500m of committed bank financing until April 2025.
The new facility was coordinated by ING Bank and is provided by a syndicate of seven banks – ABN AMRO Bank, BNP Paribas, HSBC, ING Bank, MUFG, Rabobank and NatWest.
The refinancing updates the company’s existing RCF, which was due to mature in August 2021.
Boskalis also has an option to increase the new facility by an additional €150m, as well as two one-year extensions.
The company has a separate US private placement of $325m outstanding that matures in July 2023.
“With the new facility in place, Boskalis’ financing structure is well spread and long dated,” the company said.
“The financial position of Boskalis continues to be very strong. The company ended the year 2019 with a positive net cash financial position of €26m, with a further slight improvement as per 1 April 2020,” it added.
The current cash position and new RCF offers Boskalis “substantial financial headroom” to run its operations and to undertake future investments,” the company said.