Eneti announces sale of two NG2500X vessels

Eneti announced that the Company executed a previously announced senior secured green term loan facility of up to $436M with a group of international banks and export credit agencies co-arranged and co-underwritten by Credit Agricole Corporate and Investment Bank and Societe Generale, and with Societe Generale as Green Loan Coordinator. The Credit Facility finances approximately 65% of the purchase cost of the Company’s two newbuild wind turbine installation vessels and it includes a commercial tranche of up to $130.8 million, a direct tranche from the Export-Import Bank of Korea of up to $115.0 million, a guaranteed tranche from Eksportfinansiering Norge of up to $45.0 million and a covered tranche from Korea Trade Insurance Corporation of up to $145.2 million. The lenders to the commercial tranche, Eksfin guaranteed tranche and K-SURE covered tranche are Credit Agricole Corporate and Investment Bank, Credit Industriel et Commercial, New York Branch, KfW IPEX-Bank GmbH, Societe Generale and The Korea Development Bank. The maturity date of the Credit Facility in relation to each vessel is 12 years from the delivery date of each vessel. The Credit Facility bears interest at a blended margin of SOFR plus 2.36% per annum. The remaining terms and conditions, including financial covenants, are similar to those of the Company’s existing credit facility. In November 2023, the Company delivered both the Seajacks Hydra and Seajacks Leviathan to their new owner. These deliveries, along with the delivery of the Seajacks Kraken in October 2023, complete the sale of all of the Company’s NG2500X vessels.