Image courtesy Cadeler
Cadeler A/S (OSE: CADLR) has announced the signing of EUR 550m Senior Secured Green Loan Facilities with a group of banks to refinance existing vessels in Cadeler and Eneti Inc., finance crane upgrades for Cadeler’s two existing vessels, and provide funding for general corporate and working capital purposes.
The Facilities, led by DNB and supported by Rabobank, Credit Agricole, Danske Bank, Oversea-Chinese Banking Corporation (OCBC), Standard Chartered Bank, and Societe Generale, consist of two Revolving Credit Facilities amounting to EUR 350m, a EUR 100m term loan guaranteed by The Danish Export and Investment Fund of Denmark (EIFO), and a EUR 100m uncommitted Guarantee facility. This green financing is backed by an updated Green Finance Framework and a Second Party Opinion from S&P Global, confirming a Medium Green Rating. Cadeler also announced a EUR 50m Green Loan facility with HSBC.
Cadeler launched an offer to acquire all outstanding shares of Eneti in November, following a merger agreement announced in June. The merger aims to create the world’s top owner of offshore wind turbine and foundation installation vessels. After the closing of the transaction, Cadeler and Eneti shareholders will own 60% and 40% of the combined company, respectively.
“The strong support from Nordic and Global banks to successfully close this secured green loan facility underlines the trust in Cadeler’s vision and capability to facilitate the renewable transition,” said Mikkel Gleerup, CEO of Cadeler. “With Cadeler’s strategic position in the market, we are well placed to meet the increasing global demands and to execute the largest and most complex offshore wind installation projects.”
The final documentation of the financing has been signed, with the closing of the Facilities subject only to the fulfillment of customary conditions precedent and the closing of Cadeler’s previously-announced share exchange offer for all outstanding shares of Eneti Inc. Before the completion of the share exchange offer, Cadeler and Eneti will continue to operate separately.
Cadeler’s fleet currently consists of two WTIVs, with two more scheduled for delivery in 2024 and 2025. It also has two wind foundation installation vessels scheduled for delivery in 2025 and 2026.
Eneti, formerly known as Scorpio Bulkers, is a shipowner specializing in offshore wind turbine installation vessels (WTIVs). It currently owns a market-leading fleet of five WTIVs and has two more under construction, expected to be delivered in 2024 and 2025.
On a fully delivered basis, Cadeler’s fleet will consist of 10 modern and capable offshore wind installation vessels, which includes the planned sale of 3 non-core assets.
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