Cadeler (formerly Swire Blue Ocean) has obtained a senior secured credit facility and a commitment from global maritime group BW as it makes plans for an initial public offering (IPO)
The offshore wind installation vessel owner has secured €95M (US$113M) from DNB Bank and SpareBank 1 SR-Bank, comprising a €75M three-year amortising term loan and €20M overdraft facility.
It has also received an undertaking from BW Wind Services Pte Ltd, a company associated with BW Group, to become a significant shareholder in the company through the subscription of US$33M in a planned IPO for a pre-money equity value of up to US$230M. BW Group is involved in shipping, floating gas infrastructure and deepwater oil and gas production.
The IPO is expected to comprise a primary offering of new ordinary shares in the company raising gross proceeds of approximately US$100M.
As part of the IPO, it is also expected that the company’s current sole shareholder, Swire Pacific Offshore Operations (Pte) Ltd will sell a portion of its existing shares.
The net proceeds from the primary tranche are expected to be used to finance the initial instalment for the planned order of the Cadeler X-class vessel, with remaining proceeds expected to be used for working capital, general corporate purposes, repayment of any outstanding intercompany balances or to repay any amounts under the overdraft tranche of the credit facility.
As an industrial investor, BW is adopting a long-term perspective and intends to support Cadeler’s growth going forward.
BW will have the right to elect one member to the company’s board of directors and has also been granted a right of first refusal by Swire Pacific Offshore to acquire up to another 20% ownership in the company post-IPO.
Subject to receiving the relevant approvals from the Oslo Stock Exchange and the Norwegian Financial Supervisory Authority, as well as prevailing equity capital market conditions, the company is expected to have a first day of trading on the Oslo Stock Exchange in Q4 2020.
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