Danish offshore wind vessel pure play Cadeler has strengthened its financial capacity by securing improved terms for financing of two newbuilds of about $456m and expanding its revolving credit facility by a year, alongside doubling its uncommitted guarantee lines to €200m to capitalise on market opportunities. The BW Group and Scorpio-backed shipowner has replaced the $436m green loan previously secured by Eneti for the newbuilding duo currently under construction in South Korea and subsequently taken over by Cadeler after the merger of the two companies. Cadeler said the refinancing is backed by a broad banking consortium as well as Danish, Norwegian and South Korean export credit agencies and secures an aggregate of up to $456 in post-delivery financing “on materially improved terms”. The banking group behind Cadeler’s €550m loan facilities and The Danish Export and Investment Fund of Denmark have also approved the extension of Cadeler’s RCF facility by 12 months, providing the company with additional financial flexibility to seize market opportunities, including by funding the purchase of mission equipment and increased working capital. The Oslo and New York-listed outfit has also secured approvals to increase its uncommitted guarantee lines from €100m to €200m due to surging activity levels. Total drawings within the entire loan facility will offer a maximum of €450m until the maturity of RCF and then a maximum of €350m for the remaining period of the loan, the company said. Copenhagen-headquartered Cadeler currently has four ships on the water but is set to significantly expand its fleet with seven newbuilds entering service in the coming years. Earlier this year, the company revealed plans to switch the corporate domicile of its parent to the UK as part of the structure optimisation that follows the Eneti merger deal. Although the final decision has yet to be made, the move could potentially take place in the first half of 2025. googletag.cmd.push(function() { googletag.display('div-gpt-ad-1_95_0_1_2'); }); TagsDenmark