3i Infrastructure refinances ESVAGT – 3i Infrastructure plc has successfully completed a EUR 376 million refinancing of ESVAGT. The refinancing comprises bank and institutional tranches with a spread of maturities of up to 10 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 also each invested DKK 175m further equity (c. GBP 21m equivalent) into the business.
This new capital structure replaces the debt taken on at acquisition. Importantly, it also 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.”
ESVAGT provide a wide variety of services, all related to offshore activities – in general terms “Safety & Support at Sea”. Its biggest business area is the provision of standby / ERRV duties (Emergency Response and Rescue Vessel). There is a requirement for provision of safety contingency for offshore installations and drilling rigs in the oil & gas industry. Wind Service Operation Vessels (SOV) are used as the most cost efficient maintenance for windfarms far from shore. The SOV ‘mother ship’ offers onboard workshops, spare parts storage and office facilities. It has a high level of comfort and accommodates up to 40 technicians.
3IN : 3i Infrastructure refinances ESVAGT