Cadeler has increased its green loan facility to strengthen financial flexibility.
Its unsecured green corporate term loan facility was raised by €45m to €125m ($140m).
“With this upsizing, Cadeler has increased its financial flexibility and ability to seize market opportunities as they rise,” the BW Group-backed company said.
“This increase in unsecured, committed funds further strengthens Cadeler’s financial position and growth prospects and will enable it to fund a variety of wind turbine installation activities.”
Before the upsizing, €80m had been drawn, with €20m headroom under the accordion.
Standard Chartered is the lender on the upsizing.
HSBC was the sole mandated lead arranger, green loan coordinator and facility agent.
The two banks are also participating in Cadeler’s €425m facility, which is the post-delivery financing of the owner’s P-Class vessels.
Last week, 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 their merger.
The replacement facilities — one for each M-Class vessel — were entered into on materially improved terms, the company said.
The refinancing, supported by a broad banking group as well as several export credit agencies, secured an aggregate of up to €420m in post-delivery financing.
In addition, Cadeler’s partner banking group behind its €550m senior secured green loan facilities and the Danish Export & Investment Fund approved an extension of the firm’s RCF-B facility by 12 months.
Cadeler has also received an increase to its uncommitted guarantee lines from €100m to €200m.
