Cadeler has announced the extension and increase of its RCF-B and uncommitted guarantee lines, and the replacement of its M-Class facility on improved terms.
The Danish contractor said these developments of its external debt facilities underscores the robust support it continues to enjoy from its banking partners and their confidence in the company’s commitment to the sustainable growth of its business.
Cadeler renegotiated and replaced the US$436m Senior Secured Green Term Loan Facility previously entered into by Eneti in respect of the two M-Class new builds Cadeler acquired upon the completion of its business combination with the Monaco-based company.
The replacement facilities – one for each M-Class vessel – have been entered into on materially improved terms.
This refinancing, supported by a broad banking group as well as several export credit agencies, secures an aggregate of up to €420m (approximately US$456m) in post-delivery financing.
The banking group includes Societe Generale acting as mandated lead arranger and ECA coordinator, as well as Credit Agricole, Credit Industriel et Commercial, KfW-IPEX, and The Korea Development Bank as Lead Arrangers.
The export credit agencies supporting the replacement facilities are The Danish Export and Investment Fund, Export Finance Norway and The Export-Import Bank of Korea.
The banking group behind Cadeler’s €550m Senior Secured Green Loan Facilities and The Danish Export and Investment Fund of Denmark have also approved the extension of Cadeler’s RCF-B facility by 12 months, providing the company with additional financial flexibility to seize market opportunities, including by funding the purchase of mission equipment and increased working capital.
It also approved an increase to its uncommitted guarantee lines from €100m to €200m, due to surging activity levels.
Total drawings within the entire loan facility will offer a maximum of €450m until the maturity of RCF-B and then a maximum of €350m for the remaining period of the loan facility.