Denmark’s Cadeler has refinanced loans for two vessels and extended another facility.
The deals “underscore the robust support that Cadeler continues to enjoy from its banking partners and their confidence in Cadeler’s commitment to the sustainable growth of its business,” the BW Group-backed offshore wind vessel owner said in a statement.
The Oslo and New York-listed company replaced the $436m senior secured green term loan previously secured by Eneti for the two M-Class newbuildings acquired by Cadeler after its merger with Eneti.
The replacement facilities — one for each M-Class vessel — have been entered into on materially improved terms, reflecting Cadeler’s strong credit story and strengthened market position, according to the statement.
The refinancing, supported by a broad banking group as well as several export credit agencies, secures an aggregate of up to €420m ($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-Bank and The Korea Development Bank as lead arrangers.
The export credit agencies supporting Cadeler on the replacement facilities are The Danish Export and Investment Fund (EIFO), Export Finance Norway and Export-Import Bank of Korea.
In addition, Cadeler’s partner banking group behind its €550m senior secured green loan facilities and EIFO have approved the extension of Cadeler’s RCF-B facility by 12 months.
The extension will provide Cadeler with additional financial flexibility to seize market opportunities, including funding the purchase of mission equipment and increased working capital.
Cadeler has also received 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 the RCF-B and then a maximum of €350m for the remaining period of the loan facility.
The banking group for the €550m facilities is led by DNB and supported by Rabobank, Credit Agricole, Danske Bank, Oversea-Chinese Banking Corp, Standard Chartered Bank and Societe Generale.
