Private placements for Boskalis
Royal Boskalis Westminster NV has completed US Private Placement notes with 24 institutional investors to complete the “last part of financing for the acquisition of Dockwise”.
The small group of investors have committed to lending Boskalis a total sum of US$325m over 10 years, with an annual interest rate of 3.66%.
Boskalis will use the “long term financing” to repay the US$525m bridge facility used to partly finance the Dockwise acquisition, together with the US$190m cash received from the recent disposal of Archirodon, which was sold to a Middle Eastern company earlier this month.
Martijn Schuttevâer, director of investor relations and communications, Boskalis, told Maritime Journal: “Our focus now is very much on the acquisition. We have moved into the integration stage and are looking at how we can position Dockwise in the market.”
The company first made an offer to purchase Dockwise earlier this year. The total value of the Dockwise acquisition is around €1.3bn.
Boskalis says with these US private placements, in addition to the three and five year committed bank facilities and the existing 2010 US private placements, it will continue to have a solid financial structure.
“Later this year, as we do every year, we will complete a review of our corporate business plan to see where we are heading,” Mr Schuttevâer added.
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