Denmark-based wind power specialist Cadeler has successfully completed a private placement of new shares that adds $97m to its coffers as it expands a newbuilding programme for wind turbine installation vessels (WTIVs).
The Oslo-listed company was able to sell 23m shares at NOK 34.50 ($4.22) each, representing about a 7.5% discount from its previous closing price of NOK 37.30.
The placement represents about 20% of the WTIV owner's outstanding share count of 115.6m shares and was led by DNB Markets and Sparebank1 Markets as joint bookrunners.
Proceeds from the raise will be used to help finance a second "X-Class" newbuilding WTIV that had not been previously disclosed.
"By structuring the transaction as a private placement, the company was able to raise capital in an efficient manner with significantly lower completion risks compared to a rights issue with longer lead time and higher cost, and strengthen the company's shareholder base," Cadeler said in a filing with the Oslo Stock Exchange on Thursday.
Cadeler sponsor the Swire Group and major shareholder BW Wind supported the placement, but only BW took part in buying new shares.
BW took about 9.4m new shares in the placement, bringing its stake to more than 44.5m shares overall and 32.2% of the company.
Prior to the placement, BW Group had continued to buy shares originally held in Cadeler by Swire. BW Group chairman Andreas Sohmen-Pao became Cadeler's chairman on 21 April.
As of 21 April, BW Wind boosted its stake to 33.02% of the company from 20.3%. Swire's sales dropped its holding to 33.84%.
Covenants connected with a new green debt facility from DNB and Sparebank1 require that Swire maintain at least a 25% holding in the company, with no other holder to exceed one-third of the shares.
Cadeler carried out a $100m initial public offering in Oslo in November 2020.
The company has two WTIVs in operation — the 24,586-gt Pacific Osprey and Pacific Orca (both built 2012).
The shipowner said it is in "financial negotiations" with shipyards about the expanded newbuilding plan.
"Based on higher commercial activity, advanced dialogues with prospective clients and solid employment visibility, and to achieve yard cost efficiencies related to a potential two-vessel construction programme, the company is evaluating placing an order for two newbuilds imminently in [the second quarter of] 2021," Cadeler told prospective investors in offering documents.
