Harland & Wolff amends loan as bridge to longer-term refinancing

Chicago, March 1 – Harland & Wolff Group Holdings plc bridged its near-term working capital requirements with a $25 million upsize to its loan with Riverstone Credit Partners LLC while it waits to close on a £200 million refinancing with UK Export Finance and Astra Asset Management, according to information in the company’s quarterly update report.

The Riverstone facility has been amended to bring it to $100 million from $75 million.

The longer-term refinancing is expected to close early in the second quarter, subject to credit committee approvals and finalization of the credit agreement and other ancillary documentation.

As part of the company’s £77 million recapitalization plan over the next 4 months, the company is looking at a number of different financing mechanisms, including long-term asset financing, in order to achieve a balanced capital structure for the company’s further development.

Harland & Wolff is an offshore construction company based in Belfast, United Kingdom.

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