- Boskalis it has signed the agreements for the EUR1.3 billion debt financing required for the takeover of Dockwise.
- The credit facilities contain a combination of a 3-year term loan of $525 million and a 5-year revolving credit facility of EUR500 million.
- The term loan and revolving credit facility have been arranged byABN AMRO Bank, BNP Paribas, Rabobank, ING Bank, Bank of Tokyo-Mitsubishi UFJ and The Royal Bank of Scotland. ABN AMRO Bank and The Royal Bank of Scotland acted as co-ordinators.
- Next to these credit facilities, Boskalis has entered into a bridge credit facility of $525 million with Rabobank and The Royal Bank of Scotland. The bridge facility will be refinanced by a debt capital market issuance.
- Boskalis has also issued new equity earlier in January for a total of EUR320 million.
- The entire package will be used for financing the acquisition of Dockwise as well as the refinancing and replacement of certain existing Boskalis and Dockwise debt facilities. Furthermore, these facilities will provide sufficient room for the new combination to undertake future investments, Boskalis said.
- Boskalis’s offer of EUR18.50 per Dockwise share values Dockwise at EUR733 million with an enterprise value of approximately EUR1.25 billion.
- By Amsterdam Bureau, Dow Jones Newswires