Dutch shipowner Royal Boskalis Westminster has refinanced a revolving credit facility, providing it with €500m ($546m) until April 2025.
The offshore vessel, heavylift, salvage and dredging company said the deal was coordinated by ING Bank and the cash also comes from ABN Amro, BNP Paribas, HSBC, MUFG, Rabobank and NatWest.
The company added the financing was clinched on improved terms, without giving details, while extending the maturity from August 2021.
There is now an option to increase the facility size by an additional €150m, as well as two one-year extension options.
Debt is well-spread
Boskalis also has a US private placement of $325m outstanding that matures in July 2023.
"With the new facility in place, Boskalis’ financing structure is well-spread and long-dated," the outfit said.
"The financial position of Boskalis continues to be very strong."
The company ended the year with a positive net cash financial position of €26m, with a further slight improvement as of 1 April.
"The current cash position and new RCF offers Boskalis substantial financial headroom to run its operations and to undertake future investments," the group added.
The deal is another illustration that financial deals are still being done during the pandemic, although some owners have been forced into this in tough markets.
Norwegian offshore vessel owners, such as Solstad Offshore and Havila Shipping, have been busy securing new arrangements to help them through a liquidity crunch exacerbated by the crisis, while compatriot DOF has landed an emergency loan.
Oslo-listed US tanker owner American Shipping Company said it finalised its $305m refinancing this month, despite turmoil in financial markets, while Singapore shipbuilder Keppel Corp tapped bond investors for another $177m.
And TradeWinds reported that digital ship-lending platform Oceanis has received financing offers worth $120m during the lockdown.
Boskalis has this week sealed a deal to take over salvage group Ardent Americas in the US.