Cadeler announces signing of a Sinosure-backed Green Term Loan Facility of up to EUR 425 million
Cadeler announced the signing of a Sinosure-backed Senior Secured Green Term Loan Facility of up to EUR 425m (the “Facility”) with a group of banks led by DNB and supported by Rabobank, Santander, Credit Agricole, CIC, HSBC, KfW-IPEX, Oversea-Chinese Banking Corporation (“OCBC”), Sparebank 1 SR-Bank, Standard Chartered Bank and Societe Generale. The purpose of the Facility is to part finance Cadeler’s two newbuilds, Wind Peak and Wind Pace, to be delivered in Q3 2024 and Q2 2025.
The Facility is 90% insured by China Export & Credit Insurance Corporation (“Sinosure”) and will be made available in two loans when the newbuilds are delivered from COSCO Shipping (Qidong) Offshore Co. Ltd. The green financing is supported by the previously announced updated Green Finance Framework and a Second Party Opinion issued by S&P Global re-confirming a Medium Green Rating.
Mikkel Gleerup, CEO of Cadeler said: “The strong group of Nordic and Global banks securing a green loan facility for our P-class new build vessels once again underlines the trust in Cadeler’s vision and capability to accelerate the renewable transition. We are now the global leader in jack-up offshore wind installation with a strong strategic position in the market.”
Jan Ole Huseby, Global Head of Ocean Industries at DNB said: “The Facility is a true milestone and once again showcases DNB’s ability to arrange tailored solutions for our clients. We are pleased to contribute as Bookrunner, Co-ordinator, Facility Agent, Green Advisor and ECA Agent on this important financing for Cadeler.”
The Facilities underlines the strong partnership between Cadeler and financiers. The final documentation of the financing has been signed, leaving closing of the Facilities only subject to fulfilment of customary conditions precedent.
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