3i Infrastructure said it has successfully completed a €376m refinancing of ESVAGT.
The refinancing comprises bank and institutional tranches with a spread of maturities of up to 10 years, as well as associated capex and revolving credit facilities.
In conjunction with the refinancing, 3i Infrastructure and its ESVAGT co-shareholder, AMP Capital, have also each invested DKK 175m further equity (c. £21m) into the business.
The Company said the new capital structure replaces the debt taken on at acquisition and provides funding for further growth in ESVAGT's offshore wind service business.
Phil White, Managing Partner and Head of Infrastructure at 3i Investments said:
"This refinancing is an important strategic milestone for ESVAGT. It allows ESVAGT to continue to expand its offshore wind service business, increases ESVAGT's financial flexibility and secures a competitive long-term cost of debt, with reduced future refinancing risk."
At 2:33pm: (LON:3IN) 3i Infrastructure Ltd share price was +0.45p at 207.05p