December 17 - Royal Boskalis Westminster has announced that financing of its intended public offer of EUR60 per share (cum dividend) for Smit Internationale is now in place.

Peter Berdowski, CEO at Boskalis, said: "I am extremely pleased that we have been able to secure the sizable financing package with a group of banks within a very short period of time." 

"The strong strategic and financial position of the Boskalis/Smit combination played a major role in this respect and I look forward with confidence to the successful execution of the Smit merger."

Boskalis also confirmed that the EUR230 million equity offering has been settled. In addition to the proceeds of the equity offering, the financing will comprise a combination of a 3- and 5-year bank facility (EUR650 million in total) and a temporary bridging facility (EUR400 million). The financing was arranged with a group of banks comprising Rabobank, ING Wholesale Banking, Fortis Bank Nederland and RBS. The entire package will be used to finance the intended acquisition of Smit as well as the refinancing and replacement of Smit's and Boskalis' existing bank facilities.

Boskalis said the facilities will also provide sufficient room for the combined companies to make other future investments. Rabobank is the coordinator on behalf of the banks and together with Kempen & Co financial advisor or the public offer.

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