Offshore energy services business OEG has raised $140m of new committed financing to continue growth of its renewables business.
The proceeds of the financing provide flexibility to refinance outstanding bonds and enhanced liquidity to “pursue strategically complementary opportunities within its active M&A pipeline which has an emphasis on offshore renewables”.
OEG said it has rapidly grown its renewables business, OEG Renewables, and is supporting some companies to deliver major offshore energy projects.
“The offshore wind and ocean energy (tidal, wave) market has a growing role to play in decarbonising global energy supply, and by providing essential services to the operators of offshore energy infrastructure, OEG supports critical market themes of Energy Security and responsible Energy Transition,” the company stated.
The total commitments of $140m comprise $36m drawn Term Loan B (TLB) and $104m Revolving Credit Facility (RCF).
The RCF is provided by NatWest, Citi, and Santander and the TLB is provided by NatWest, Citi, Santander and Goldman Sachs.
This financing follows the announcement made earlier this year by OEG of its partnership with funds managed by Oaktree Capital Management.
OEG chief executive John Heiton said: “This financing provides OEG with further firepower, optionality and flexibility to better pursue its growth objectives.
“The quality of the banks that have participated in the syndicate reflects OEG’s leading position in the market and the trust that stakeholders have in our business model, growth prospects and ability to play a meaningful role within the global energy transition.”