Cadeler Renegotiates Finance for their M-Class New Builds

Cadeler A/S today announces two significant developments in respect of its external debt facilities that, together, underscore the robust support that Cadeler continues to enjoy from its banking partners and their confidence in Cadeler’s commitment to the sustainable growth of its business. The first agreement is: Replacement of M-Class Financing

Cadeler has successfully renegotiated and replaced the USD 436 million Senior Secured Green Term Loan Facility previously entered into by Eneti Inc. (“Eneti”) in respect of the two M-Class new builds Cadeler acquired upon the completion of its business combination with Eneti.

The replacement facilities – one for each M-Class vessel – have been entered into on materially improved terms, reflecting Cadeler’s strong credit story and strengthened market position. This refinancing, supported by a broad banking group as well as several export credit agencies, secures an aggregate of up to EUR 420 million (approximately USD 456 million) in post-delivery financing.

The banking group includes Societe Generale acting as Mandated Lead Arranger and ECA Coordinator, as well as Crédit Agricole CIB, Crédit industriel et commercial (CIC), KfW IPEX-Bank, and The Korea Development Bank, Singapore Branch as Lead Arrangers. The export credit agencies supporting Cadeler on the replacement facilities are Export and Investment Fund of Denmark (EIFO), Eksfin – Export Finance Norway, and Export-Import Bank of Korea (KEXIM).

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