After making an all cash voluntary public offer for all issued and outstanding ordinary shares of Dockwise at a price of EUR 18.50 per share in December, Boskalis has now confirmed it has the necessary funds available to finance the offer.
The offer values Dockwise at EUR 733 million with an enterprise value of approximately EUR 1.25 billion. Boskalis will finance the offer and refinance existing facilities through a mix of existing cash resources, new senior debt facilities and an equity issuance.
1.3 Billion of Committed Financing Arrangements
Boskalis has taken measures to ensure it will be able to finance the equity part of the offer and that it has secured EUR 1.3 billion of committed financing arrangements with tenors of up to five years. The combination of the committed debt financing and the intended issue of new equity will be used to finance the offer and for general corporate purposes.
New Boskalis Shares
In respect of the equity issue, Boskalis has convened an extraordinary general meeting of shareholders to take place later today (10 January 2013) to request the shareholders to authorise the Board of Management, subject to the approval of the Supervisory Board, to issue new Boskalis shares up to a maximum of ten per cent of the number of ordinary shares currently issued. Further information in respect of the issuance will be made available on www.boskalis.comhttps://www.boskalis.com.
Debt Financing
In addition to the proceeds of the equity offering and the existing cash resources, the financing will comprise a combination of three- and five-year bank facilities and a one-year bridge facility for a combined total amount of EUR 1.3 billion. The financing has been arranged with a group of banks comprising ABN Amro Bank, ING Bank, Rabobank and The Royal Bank of Scotland.
Timetable
In line with regulatory requirements, Boskalis will imminently submit a request for approval of its offer document to the Oslo Stock Exchange and the Netherlands Authority for the Financial markets. The document is expected to be published and the offer is expected to commence in the week of the 21 January 2013.
