Cadeler signs EUR 550m green financing ahead of merger

Danish offshore wind installation company Cadeler A/S (OSL:CADLR) on Friday said it has signed senior secured green loan facilities amounting to EUR 550 million (USD 592m) with a lending group led by Norwegian bank DNB.

The loans seek to refinance existing vessels in Cadeler and Eneti Inc ahead of their planned combination, as well as to fund crane upgrades of Cadeler’s two existing vessels. They will further be used for general corporate and working capital purposes.

The banking group also includes Rabobank, Credit Agricole, Danske Bank, Oversea-Chinese Banking Corporation (OCBC), Standard Chartered Bank and Societe Generale.

The financing consists of two revolving credit facilities totalling EUR 350 million, a EUR-100-million term loan guaranteed by the Danish Export and Investment Fund of Denmark (EIFO) and a EUR-100-million uncommitted guarantee facility.

Closing of the facilities is subject to fulfillment of customary conditions precedent and the completion of Cadeler’s share exchange offer for peer Eneti.

(EUR 1 = USD 1.077)

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