Berdowski: sizable financing package has been arranged in a short time.

Peter Berdowski, CEO at Boskalis, said: "I am extremely pleased that we have been able to secure the sizable financing package with a group of banks within a very short period of time." "The strong strategic and financial position of the Boskalis/Smit combination played a major role in this respect and I look forward with confidence to the successful execution of the Smit merger."

Boskalis also confirmed that the €230 million equity offering has been settled.
In addition to the proceeds of the equity offering, the financing will comprise a combination of a 3- and 5-year bank facility (€650 million in total) and a temporary bridging facility (€400 million). The financing was arranged with a group of banks comprising Rabobank, ING Wholesale Banking, Fortis Bank Nederland and RBS.

The entire package will be used to finance the intended acquisition of Smit as well as the refinancing and replacement of Smit·s and Boskalis· existing bank facilities. Boskalis said the facilities will also provide sufficient room for the combined companies to make other future investments. Rabobank is the coordinator on behalf of the banks and together with Kempen & Co financial advisor for the public offer.
Source: Dredging News Online