Eneti Inc. Announces $175 Million Signing
MONACO, April 04, 2022 (GLOBE NEWSWIRE) — Eneti Inc. (NYSE: NETI) (the “Company”) announced today that it has signed its $175.0 million multi-currency credit facility and will participate in two events for to investors in April and May 2022.
On March 31, 2022, the Company signed its previously announced $175.0 million five-year multi-currency credit facility (the “Credit Facility”) with DNB Capital LLC, Société Générale, Citibank NA, Crédit Agricole Corporate and Investment Bank and Industrial and Commercial Credit. The Company expects to draw on the credit facility by April 2022 and confirms that the immediate use of the proceeds will include the repayment of outstanding debt under its existing $60.0 million ING revolving credit facility. dollars (which will be terminated) and the full repayment of $53.0 million of outstanding callable notes due March 2023.
The Company will participate in the following investor events:
- April 13, 2022, conference call with Julien Dumoulin-Smith, Ken Hoexter and Paul Zimbardo of Bank of America Securities.
- On May 10-11, 2022, Citi Bank’s Global Energy, Utilities and Climate Tech Conference
About Eneti Inc.
Eneti Inc. focuses on the offshore wind industry and marine renewable energy and has invested in the next generation of wind turbine installation vessels. The Company is listed on the New York Stock Exchange under the symbol NETI. Additional information about the Company is available on the Company’s website: www.eneti-inc.com.
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements to encourage companies to provide forward-looking information about their businesses. Forward-looking statements include statements regarding future plans, objectives, goals, strategies, events or performance, as well as underlying assumptions and other statements, that are other than statements of historical fact. The Company wishes to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and includes this disclaimer as part of such safe harbor legislation. The words “believe”, “expect”, “anticipate”, “estimate”, “intend”, “plan”, “targets”, “projects”, “probable”, “would”, ” could” and similar phrases or expressions may identify forward-looking statements.
The forward-looking statements contained in this press release are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, including many are beyond our management’s control, which could cause actual results or results to differ materially from those discussed in the forward-looking statements. These forward-looking statements are based on information available as of the date hereof and on current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Although we believe that these assumptions were reasonable when made, because they are inherently subject to important uncertainties and contingencies which are difficult or impossible to predict and which are beyond our control, we cannot guarantee that we will achieve or achieve those expectations, beliefs or projections and we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date on which they were made, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
In addition to these important factors, other important factors that we believe could cause actual results to differ materially from those discussed in the forward-looking statements include:
our future operating or financial results; variations in demand for capacity of Wind Turbine Installation Vessels (“WTIV”); the strength of global economies and currencies; the duration and severity of the recent novel coronavirus (COVID-19) outbreak, including its effects on demand for WTIV and the installation of offshore wind turbines; our ability to successfully utilize our existing and new WTIVs and the availability and suitability of our vessels for our customers’ projects; our ability to determine a successful plan to achieve Jones Law compliance and secure Jones Law vessels; our ability to successfully compete for future charter and new construction opportunities; our continued ability to employ our vessels; interest rate and currency exchange rate fluctuations; the early termination of customer contracts, our inability to win new contracts for our vessels or the inability of counterparties to fully perform their contracts with us; our ability to identify, consume, integrate and successfully realize the expected benefits of acquisitions and changes to our business strategy; our ability to operate successfully in new markets; changes in our operating expenses, including bunker prices, dry docking and insurance costs; compliance with and our responsibilities under governmental, tax, environmental and safety laws and regulations; changes in governmental rules and regulations or actions taken by regulatory authorities; potential liability for pending or future litigation; general national and international political conditions; potential disruption of shipping routes due to accidents or political events; our ability to obtain or access financing, our liquidity and the adequacy of cash flows for our operations; our continued borrowing capacity under our debt agreements and compliance with the covenants contained therein; fluctuations in the value of our vessels and investments; our ability to finance capital expenditures and future investments in the construction, acquisition and renovation of our vessels (including the amount and nature thereof and the timing of their completion, timely delivery and start dates of operations, planned downtime and loss of revenue); potential exposure or loss from investment in derivatives or other equity investments in which we invest; potential conflicts of interest involving members of our board of directors and senior management and our significant shareholders; and our expectations regarding the availability of vessel acquisitions and our ability to complete anticipated acquisition transactions and other factors.