Sif Group refinances

In: FoundationsWindfarms
26/02/2019
Sif Holding N.V. has reached an agreement with RABO bank, ING, ABN AMRO, Euler-Hermes and Tokio Marine concerning refinancing the company. The new credit facility of € 350 million in total replaces that of € 250 million in total set to expire mid-2019.

The new facility expires 22 February 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. Sif is a manufacturer of large steel tubulars, which are used as foundation components for the offshore wind and offshore oil & gas markets. It primarily activity is the production of monopiles, transition pieces and piles that are used to anchor jacket foundations.

Leon Verweij, CFO, said: "This amended and broader facility provides sufficient flexibility to pursue our strategy going forward. This new agreement assures Sif a financing structure that fits the characteristics of our company."


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