Sif Holding N.V. Reaches an Agreement with RABO Bank, ING, ABN AMRO
February 26, 2019 at 01:00 am EST
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Sif Holding N.V. announced that it has reached an agreement with RABO bank, ING, ABN AMRO, Euler-Hermes and Tokio Marine concerning the refinancing of the company. The new credit facility of €350 million in total replaces the facility of €250 million in total set to expire mid-2019. The new facility expires February 22, 2022, with two one-year extension options. The facility consists of a revolving credit facility of €100 million and a committed guarantee facility of €250 million. The previous arrangement had a revolving credit facility of €90 million with committed guarantee facilities of €160 million. The increase in facilities serves to support SIF's future business. Margins and commitment fees remain unchanged at Euribor plus a surcharge that depends on the leverage and solvency on a quarterly basis. The new leverage (net debt/EBITDA) should be equal to or less than 2.5 and the solvency should be equal to or more than 30% in 2019 and 35% during the years beyond 2019. The financing arrangement has also been made sustainable.
Sif Holding N.V. specializes in the design and manufacturing of components used in offshore foundations for wind farms projects. The group primarily offers monopiles, transition pieces and piles that are used to anchor jacket foundations in the seabed for offshore wind turbines.
At the end of 2023, the group had 2 production sites located in the Netherlands.
Net sales are distributed geographically as follows: the Netherlands (3.4%), the United Kingdom (61%), Germany (19.6%), France (10.4%), Norway (1.8%), Belgium (1.1%), European Union (0.4%) the United States (1.9%) and other (0.4%).
SIF HOLDING N.V. 
