UK-based integrated offshore infrastructure services company North Star has completed a £275 million (US$370 million) debt financing, adding to debt commitments to support continued growth, broadening its lender group and improving its terms.
The package is structured across sterling and euro tranches, reflecting North Star’s revenue base in both currencies. North Star’s lending group now includes new participants Rabobank, KfW IPEX-Bank and LBBW, with increased commitments also secured from existing lenders RBS, AIB, Scottish National Investment Bank and RBC, which also acted as lead advisor on the transaction.
"The confidence shown in North Star from existing and new lenders providers further credibility to the company’s ambitious plans for continued growth," North Star said in a statement on Monday, August 3.
“For our clients, this package means further certainty on our ability to deliver the vessels we commit to during the tendering process, which matters more as competition for offshore wind contracts intensifies," said Fraser Dobbie, North Star Chief Financial Officer. "Confidence in our balance sheet is now as much a part of our story as our reputation for high-performance service operation vessels and experienced crews."
North Star Chief Executive Officer Gitte Gard Talmo added that the company is now looking to build on its operating and financing capabilities, "to consider what other offshore maritime markets could demonstrate the right balance of risk and return to [North Star's] investors."