Eneti Inc. Announces $175 Commitment Over Five Years
MONACO, 15 Feb. 12, 2022 (GLOBE NEWSWIRE) — Eneti Inc. (NYSE: NETI) (the “Company”) announced today that it has received commitments from DNB Capital LLC, Société Générale, Citibank NA, Crédit Agricole Corporate and Investment Banque and Crédit Industriel and Commercial on a $175 million five-year credit facility (the “Credit Facility”).
The credit facility, which has been oversubscribed, bears interest at the applicable reference rate plus 3.05% to 3.15% and can be partially drawn down in euros. It is subject to customary conditions precedent and execution of definitive documentation and is expected to close during the second quarter of 2022.
In addition, the Company repaid (i) in December 2021, $17.7 million of callable notes maturing in March 2022, and (ii) in February 2022, $87.65 million of 8% subordinated debt maturing in September 2022. These two debt repayments total $105.3 million in aggregate.
About Eneti Inc.
Eneti Inc. focuses on the offshore wind industry and marine renewable energy and has invested in the next generation of wind turbine installation vessels. Additional information about the Company is available on the Company’s website www.eneti-inc.com, which does not form part of this press release.
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 to encourage companies to provide forward-looking information about their businesses. Forward-looking statements include statements regarding future plans, objectives, goals, strategies, events or performance, as well as underlying assumptions and other statements, that are other than statements of historical fact. The Company wishes to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and includes this disclaimer as part of such safe harbor legislation. The words “believe”, “anticipate”, “intend”, “estimate”, “anticipate”, “project”, “plan”, “potential”, “may”, “should”, “expect to”, “pending” and similar expressions identify forward-looking statements. We undertake no obligation, and specifically disclaim any obligation, except as required by law, to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
The forward-looking statements contained in this press release are based on various assumptions, many of which are based, in turn, on other assumptions, including, without limitation, our management’s review of operating trends history, data in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because they are inherently subject to important uncertainties and contingencies which are difficult or impossible to predict and which are beyond our control, we cannot guarantee that we will meet or realize those expectations, beliefs or projections.
In addition to these important factors, other important factors that we believe could cause actual results to differ materially from those referred to in the forward-looking statements include the failure of counterparties to fully perform their contracts with us, the strength of global economies and currencies, general market conditions, including fluctuations in charter rates and asset values, changes in demand for wind turbine installation vessel capacity (“ WTIV”), the duration and severity of the ongoing novel coronavirus (COVID-19) outbreak, including its effects on demand for WTIVs and the installation of their offshore wind farms, changes in our spending operating costs, including fuel costs, dry docking and insurance costs, the market for our WTIVs, the availability of financing and refinancing, the performance of counterparties, the ability to obtain r funding and the availability of capital resources (including for capital expenditures) and comply with the covenants of such funding agreements, plan for capital expenditures, our ability to identify, consume, integrate and successfully realize the benefits expected from acquisitions and changes in our business strategy, fluctuations in the value of our investments, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability for pending or future litigation, national political conditions and general international markets, potential disruptions due to accidents or political events, vessel breakdowns and non-letting events and other factors.
Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.