Following the announcement made Wednesday in which Boskalis announced its decision to make an all cash mandatory public offer for Dockwise shares at a price of EUR 18.50 per share, Boskalis today confirms that it has signed the agreements for the required debt financing.
The credit facilities contain a combination of a 3-year term loan (USD 525 million) and a 5-year revolving credit facility (EUR 500 million). The term loan and revolving credit facility have been arranged by a group of BMLAs comprising 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 co-ordinators.
Next to these credit facilities, Boskalis has entered into a bridge credit facility (USD 525 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 EUR 320 million of new equity raised earlier this month, will be used for financing the acquisition of the heavy-lift and transportation specialist Dockwise as well as the refinancing and replacement of certain existing Boskalis and Dockwise debt facilities. Furthermore, these facilities will provide sufficient room for the new combination to undertake future investments.
Boskalis has said that the combination of the two Dutch-based companies provides new strategic opportunities for accelerated growth of the offshore services and creates one of the world’s leading maritime players.
In a statement made in November, 2012, Peter Berdowski, CEO Boskalis said “Combining Boskalis and Dockwise offers advantages and new opportunities for both companies. The combination creates a world class maritime player, well positioned for the offshore energy market. This step fits in our growth strategy aimed at broadening our service offering for clients in the oil and gas sector. We are convinced that the addition of Dockwise to our group will structurally create value, as we have also demonstrated with SMIT. Furthermore, the addition will result in a strong increase of our EBITDA.”
With the acquisition of Dockwise, Boskalis will become owner of the largest and most versatile fleet of heavy marine transport vessels in the world. Dockwise’s fleet consists of of 19 semi-submersible, heavy transport vessels of different concepts and designs.
Offshore Energy Today Staff, January 31, 2013