Dutch fabricator Sif has secured a new credit facility of €350m to support the company’s future work in the offshore wind sector.
Lenders Rabobank, ING, ABN Amro, Euler-Hermes and Tokio Marine have provided the cash, which refinances an earlier €250m line that was to expire by mid-2019.
Sif, a steel monopile specialist, said the new cash will run until February 2022 and includes two one-year extension options.
The facility consists of a revolving credit facility of €100m and a committed guarantee facility of €250m.
“The increase in facilities serves to support Sif’s future business,” the company said.
Chief financial officer Leon Verweij added: “This amended and broader facility provides sufficient flexibility to pursue our strategy going forward. This new agreement assures Sif a financing structure that fits the characteristics of our company.”