Scandlines is pleased to announce that is has successfully completed a EUR 862 million refinancing comprising of a six-year bank tranche, an 11-year institutional tranche and associated revolving credit and liquidity facilities.
The new debt facilities have been structured on a secured infrastructure style basis, are rated BBB by Fitch (under their global infrastructure and project finance master criteria) and are fully yielding. The lending group is made up of a large number of European and US parties active in the infrastructure space.
The refinancing substantially reduces the long term cost of debt and is a further step in the development of Scandlines, with the company in recent years having streamlined the business to concentrate on providing a high frequency connection between Continental Europe and Scandinavia. In 2016, Scandlines transported 7.6 million passengers, 1.8 million cars and 0.6 million freight units generating total EBITDA of EUR 180 million.