Royal Boskalis Westminster has refinanced its revolving credit facility (RCF), providing the company with EUR500 million (USD544.4 million) until April 2025.
Boskalis has the option to increase the size of the five-year RCF by an additional EUR150 million (USD163.3 million). The deal – coordinated by ING Bank and provided by a syndicate of ABN AMRO Bank, BNP Paribas, HSBC, ING Bank, MUFG, Rabobank and NatWest – also includes the option of two one-year extensions.
The Dutch offshore contractor said: “The financial position of Boskalis continues to be very strong. The company ended the year 2019 with a positive net cash financial position of EUR26 million (USD28.3 million)… The current cash position and new RCF offers Boskalis substantial financial headroom to run its operations and to undertake future investments.”
Boskalis also has a US private placement of USD325 million outstanding that matures in July 2023. This combined with the new facility and Boskalis said that its financing structure “is well spread and long dated”.