Integrated Wind Solutions ASA announced that it has signed an agreement for a EUR 118.65 million Green Senior Secured Credit Facility with Skandinaviska Enskilda Banken AB (SEB), SpareBank 1 SR-Bank ASA (SR-Bank) and Export Finance Norway (“Eksfin”) as an amendment to the pre-existing EUR 56.25 million facility. The proceeds from the facility will be used for long-term post-delivery financing of the first four Commissioning Service Operation Vessel (“CSOV”) newbuildings under construction with delivery in 2023 and 2024. The facility has an average 12 year amortisation profile and drawdown will be made when each respective vessel is delivered from the yard.

Final maturity of the EUR 36.1 million commercial tranche with SEB and SR-Bank is in first quarter of 2028. Final maturity of the EUR 82.55 million Eksfin tranche, for which SEB and SR-Bank have provided bank guarantees of EUR 28 million, is in 2035 subject to the refinancing of the commercial tranche and bank guarantees. The Eksfin tranche qualifies for an attractive 12 year fixed interest rate option with CIRR (“Commercial Interest Reference Rates”) levels fixed on the dates of signing of the Norwegian export contracts.

The amended facility of up to EUR 118.65 million is entered into by wholly owned subsidiaries of IWS Fleet AS. The facility corresponds to a leverage ratio of up to 65% of the contracted yard price for the vessels.