Boskalis finances CSD Krios with ECA covered loan

Boskalis has today financed its mega cutter suction dredger (CSD) Krios through an innovative Export Credit Agency (ECA) covered loan.

This marks the first ECA insured financing of its kind in the Netherlands.

With this EUR 121 million facility, Boskalis has refinanced a substantial part of the construction costs of the Krios.

The ECA covered loan under the domestic cover arrangement was introduced by the Dutch Ministry of Finance late 2019.

The Krios is currently being built at Royal IHC in the Netherlands.

The loan provided by ING and Rabobank was refinanced under a so-called CIRR (Commercial Interest Reference Rate).

The tenor of the facility is twelve years, includes linear redemption and carries an all-in financing cost of slightly less than one percent.

Besides the attractive all-in rate, the long duration of the facility matches extremely well with the long economic lifetime of the vessel.

Furthermore, this new loan complements the current financing structure of Boskalis resulting in a well-spread and long-dated profile.

Photo: Royal IHC