UK offshore support vessel (OSV) operator North Star has secured further debt investment of up to £425 million (US$544 million) to accelerate the expansion of its activities within the European offshore wind sector.
The committed financial package of £225 million (US$288 million) includes term facilities from existing lender, IFM Investors, and committed capex and working capital resources from banks including ABN AMRO (sustainability co-ordinator), AIB, NAB, Royal Bank of Scotland, and RBC (sustainability structuring advisor).
The facilities also have accordion capacity allowing a further £200 million (US$256 million) in funding, enabling the firm the flexibility to upsize as required, removing financial risk and streamlining new business opportunities in the offshore wind sector. RBC Capital Markets performed the lead advisory role in support of the transaction.
Fraser Dobbie, North Star chief financial officer, said the infusion of capital from a combination of institutional and bank investors secures access to the capital required to support the company's continued growth.
The investment will also be used for the addition of 40 hybrid service operation vessels to North Star's fleet by 2040.
