3i Infrastructure has completed an EUR 376 million refinancing of Esvagt, which is expected to enable the Danish vessel supplier to continue its offshore wind services expansion.
The refinancing comprises bank and institutional tranches with a spread of maturities of up to ten years, as well as associated capex and revolving credit facilities.
In conjunction with the refinancing, 3i Infrastructure and its Esvagt co-shareholder, AMP Capital, have each invested DKK 175 million further equity (approximately GBP 21 million) into the business.
According to 3i Infrastructure, this new capital structure replaces the debt taken on at acquisition and provides funding for further growth in Esvagt’s offshore wind service business.
Phil White , Managing Partner and Head of Infrastructure at 3i Investments plc said: “This refinancing is an important strategic milestone for ESVAGT. It allows ESVAGT to continue to expand its offshore wind service business, increases ESVAGT’s financial flexibility and secures a competitive long-term cost of debt, with reduced future refinancing risk.”
3i Infrastructure and AMP Capital completed the joint acquisition of Esvagt from the Maersk Group in September 2015.