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    Boskalis has financing in place for Dockwise takeover

    News // January 9, 2013

    Referring to a press release of 21 December 2012 in which dredging and marine contractor Boskalis announced its decision to make an all cash voluntary public offer for all the issued and outstanding ordinary shares of heavy lift company Dockwise at a price of Euros 18.50 per share cum dividend, Boskalis has confirmedthat it has the necessary funds available to finance the offer.

    The offer values Dockwise at Euros 733 million with an enterprise value of approximately Euros 1.25 billion.

    Boskalis will finance the offer and refinance existing facilities through a mix of existing cash resources, new senior debt facilities and an equity issuance.

    Boskalis confirmed that it has taken reasonable measures to ensure that it will be able to finance the equity part of the offer and that it has secured Euros 1.3 billion of committed financing arrangements with tenors of up to five years.

    The combination of the committed debt financing and the intended issue of new equity will be used to finance the Offer and for general corporate purposes.

    In respect of the equity issue, Boskalis has convened an extraordinary general meeting of shareholders to take place on 10 January 2013 to request the shareholders to authorize the Board of Management, subject to the approval of the Supervisory Board, to issue new Boskalis shares up to a maximum of ten per cent of the number of ordinary shares currently issued.

    In addition to the proceeds of the equity offering and the existing cash resources, the financing will comprise a combination of 3- and 5-year bank facilities and a 1-year bridge facility for a combined total amount of Euros 1.3 billion.

    The financing has been arranged with a group of banks comprising ABN AMRO Bank, ING Bank, Rabobank and The Royal Bank of Scotland.

    The committed debt financing is subject to customary conditions and in line with current market practice. Boskalis has no reason to believe that these conditions will not be fulfilled on or prior to the settlement date.

    In line with regulatory requirements, Boskalis will imminently submit a request for approval of its offer document to the Oslo Stock Exchange and the Netherlands Authority for the Financial markets.

    The offer document is expected to be published and the offer is expected to commence in the week of the 21 January 2013.


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