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Boskalis claims a 90 percent commitment to Dockwise takeover

January 31 - Following its announcement that it would make an all-cash, mandatory offer of EUR18.50 per share cum dividend for all issued and outstanding shares in Dockwise, Royal Boskalis Westminster announced this afternoon that it has acquired a furthe

Boskalis says it now holds 40 percent of the shares in Dockwise, with a further 50 percent tied up in irrevocable commitments, giving it control of 90 percent of the Dockwise shares.

Earlier today, Boskalis confirmed that it has signed the necessary agreements required for the debt financing arrangement.

The credit facilities include: a three-year term loan of USD525 million, and a five-year EUR500 million (USD677.6 million) revolving credit facility.

Both the term loan and revolving credit facility has been arranged a group of companies including: ABN AMRO Bank, BNP Paribas, Rabobank, ING Bank, Bank of Tokyo-Mitsubishi UFJ and The Royal Bank of Scotland. ABN AMRO Bank and The Royal Bank of Scotland acted as coordinators.

Running alongside the debt financing facilities, Boskalis has entered into a bridge credit facility to the tune of USD525 million with Rabobank and The Royal Bank of Scotland. The bridge facility will be refinanced by a debt capital market issuance.

The entire package, combined with EUR320 million of new equity raised earlier this month, will be used for the financing and acquisition of Dockwise - as well as refinancing and replacement of certain existing Boskalis and Dockwise debt facilities. According to Boskalis, these facilities will provide sufficient room for the new combination to undertake future investments.

www.boskalis.com

www.dockwise.com

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