The Netherlands: IHC Merwede Expands Banking Facilites to EUR 1.5 Billion
IHC Merwede has increased its underwriting capacity by more than 50 per cent to €1.5billion. Of this amount, €900 million is committed. The financial agreement has been forged between IHC Merwede and an international banking consortium made up of five banks, with the aim of facilitating international growth.
Ability to differentiate
The five banks which form the consortium all have large international networks. Three of the five – ABN AMRO, ING and Rabobank, – were chosen as they are based in The Netherlands, which is where IHC Merwede’s core business is also based. The two foreign banks are the French BNP Paribas, and the German Deutsche Bank. All five contributors will help IHC Merwede to achieve its goal of international expansion.
The lenders have jointly facilitated the €1.5billion sum, which will be used by IHC Merwede for guarantees, investments in long-term assets and acquisitions. It will also enable IHC Merwede to finance its customers’ requirements during vessel construction.
Mr. Govert Hamers, President of IHC Merwede, is delighted about the financial agreement: “As a result of the recent global economic downturn, there is still some abstention in the financial sector. A credit facility of this size may be attributed to the level of confidence in IHC Merwede and the company’s ambitions. It offers us excellent potential to continue to develop our business strategy and organisational structure.”
Company profile IHC Merwede
IHC Merwede is focussed on the continuous development of design and construction activities for the specialist maritime sector. It is the global market leader for efficient dredging and mining vessels and equipment – with vast experience accumulated over decades – and a reliable supplier of custom-built ships and supplies for offshore construction.
IHC Merwede has in-house expertise for engineering and manufacturing innovative vessels and advanced equipment, as well as providing life-cycle support. Its integrated systematic approach has helped to develop optimum product performance and long-term business partnerships.
The company’s broad customer base includes dredging operators, oil and gas corporations, offshore contractors and government authorities.
IHC Merwede has over 3,000 employees based at various locations in The Netherlands, China, Croatia, France, India, the Middle East, Nigeria, Serbia, Singapore, Slovakia, South Africa, the United Kingdom and the United States.
Technological innovation will remain the company’s underlying strength through its continuous investment in research and development. Moreover, it helps to safeguard a sustainable environment.
Source: ihcmerwede, June 6, 2011;