Eneti closes $436 million senior secured green term loan

By Wendy Van Sickle

Columbus, Ohio, Dec. 1 – Eneti Inc. signed a $436 million senior secured green term loan credit facility, according to a news release.

The agreement was signed on Nov. 30 with Credit Agricole CIB and Societe Generale as underwriters and Societe Generale as green loan coordinator.

The credit facility finances about 65% of the purchase of the company’s two newbuild wind turbine installation vessels. It includes a commercial tranche of up to $130.8 million, a direct tranche from the Export-Import Bank of Korea of up to $115 million, a guaranteed tranche from Eksfin of up to $45 million and a covered tranche from Korea Trade Insurance Corp. of up to $145.2 million.

The maturity date is 12 years from the delivery date of each vessel.

The credit facility bears interest at a blended margin of SOFR plus 236 basis points.

Based in Monaco, Eneti is focused on the offshore wind and marine-based renewable energy industry and has invested in the next generation of wind turbine installation vessels. The company was previously named Scorpio Bulkers.

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