Dutch dredging, salvage and subsea firm Royal Boskalis Westminster has refinanced its revolving credit facility, giving the company €500m ($549.2m) financing until April 2025.
The new facility, coordinated by ING Bank and provided by a syndicate of seven banks, is for five years at improved terms for Boskalis to refinance its current facility due to mature in August 2021. There is also an option to increase the facility size by an additional €150m as well as two one-year extension options.
“The financial position of Boskalis continues to be very strong. The company ended the year 2019 with a positive net cash financial position of EUR 26 million, with a further slight improvement as per 1 April 2020. The current cash position and new RCF offers Boskalis substantial financial headroom to run its operations and to undertake future investments,” the company said in a release.
Earlier this week, Boskalis expanded its salvage business with the acquisition of Ardent Americas.