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Eneti Inc. Announces Closing of a $436.0 Million Credit Facility and Sale of Two NG2500X Vessels

Eneti Inc.
Eneti Inc.

MONACO, Nov. 30, 2023 (GLOBE NEWSWIRE) -- Eneti Inc. (NYSE: NETI) (“Eneti” or the “Company”) announced today that the Company executed a previously announced senior secured green term loan facility of up to $436.0 million (the “Credit Facility”) with a group of international banks and export credit agencies co-arranged and co-underwritten by Credit Agricole Corporate and Investment Bank and Société Générale, and with Société Générale as Green Loan Coordinator. The Credit Facility finances approximately 65% of the purchase cost of the Company’s two newbuild wind turbine installation vessels (each a “WTIV”), and it includes a commercial tranche of up to $130.8 million, a direct tranche from the Export-Import Bank of Korea (KEXIM) of up to $115.0 million, a guaranteed tranche from Eksportfinansiering Norge (Eksfin) of up to $45.0 million and a covered tranche from Korea Trade Insurance Corporation (K-SURE) 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, Crédit Industriel et Commercial, New York Branch, KfW IPEX-Bank GmbH, Société Générale 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 (exclusive of premiums payable to K-SURE and Eksfin). 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.

Emanuele Lauro, Chairman and CEO, commented, “We are delighted to have received such strong support from the lenders and export credit agencies to allow us to successfully close this green loan facility to finance our two newbuild WTIVs.”

About Eneti Inc.

Eneti Inc. is a leading provider of installation and maintenance vessels to the offshore wind sector and has invested in the next generation of wind turbine installation vessels. The Company is listed on the New York Stock Exchange under the ticker symbol NETI. Additional information about the Company is available on the Company’s website: www.eneti-inc.com.

Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” “targets,” “projects,” “likely,” “would,” “could” and similar expressions or phrases may identify forward-looking statements.

The forward-looking statements in this press release are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside our management’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. These forward-looking statements are based on information available as of the date hereof, and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include:
our future operating or financial results; changes in demand for Wind Turbine Installation Vessel (“WTIV”) capacity; the strength of world economies and currencies; the length and severity of the recent novel coronavirus (COVID-19) outbreak, including its effects on demand for WTIVs and the installation of offshore wind turbines; our ability to successfully employ our existing and newbuilding WTIVs and the availability and suitability of our vessels for customer projects; our ability to compete successfully for future chartering and newbuilding opportunities; our continued ability to employ our vessels; fluctuations in interest rates and foreign exchange rates; early termination of customer contracts, our failure to win new contracts for our vessels or the failure of counterparties to fully perform their contracts with us; our ability to successfully identify, consummate, integrate and realize the expected benefits from acquisitions and changes to our business strategy; our ability to successfully operate in new markets; changes in our operating expenses, including bunker prices, drydocking and insurance costs; compliance with, and our liabilities under, governmental, tax, environmental and safety laws and regulations; changes in governmental rules and regulations or actions taken by regulatory authorities; potential liability from pending or future litigation; general domestic and international political conditions; potential disruption of shipping routes due to accidents or political events; our ability to procure or have access to financing, our liquidity and the adequacy of cash flows for our operations; our continued borrowing availability under our debt agreements and compliance with the covenants contained therein; fluctuations in the value of our vessels and investments; our ability to fund future capital expenditures and investments in the construction, acquisition and refurbishment of our vessels (including the amount and nature thereof and the timing of completion thereof, the timely delivery to us and commencement of operations dates, expected downtime and lost revenue); potential exposure or loss from investment in derivative instruments or other equity investments in which we invest; potential conflicts of interest involving members of our Board and senior management and our significant shareholders; and our expectations regarding the availability of vessel acquisitions and our ability to complete acquisition transactions planned and other factors.

Contact Information

Eneti Inc.
James Doyle – Head of Corporate Development & Investor Relations
Tel: +1 646-432-1678
Email: Investor.Relations@Eneti-inc.com
https://www.eneti-inc.com


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