Wallenius Wilhelmsen secures USD 800 million of sustainability-linked vessel loans
Oslo (16.08.2022) Wallenius Wilhelmsen signs USD 800 million of new loans
secured by 20 vessels. "We are happy to close the flagship facilities with our
banks at attractive pricing linked to our emission reductions", says Torbjørn
Wist, CFO at Wallenius Wilhelmsen. Wist says the new loans showcase the
company's commitment to its target of reducing CO2-intensity by 27.5 percent
from 2019 to 2030.
The flagship facilities consist of two new financing agreements, with tenors
ranging from 5.5 to 6.5 years and were signed with 11 banks on June 30th. On
August 15th, USD 670 million was drawn down, mainly to repay USD 569 million of
existing vessel debt. The remaining USD 130 million is available as a revolving
credit line and can be used for general corporate purposes.
The financings are issued under Wallenius Wilhelmsen's sustainability-linked
financing framework. Interest margins will be adjusted on an annual basis. If
the company achieves the interim CO2-intensity target, the margin will reduce
-0.05 percentage points for the next year. If the company does not achieve the
target the margin will increase +0.05 percentage points for the next year.
The company's CO2e-intensity was reduced 33.6 percent from 2008 to 2019 and
shall be reduced a further 27.5 percent from 2019 to 2030. "We are working to
cut emissions systematically through a wide range of operational, technical and
asset replacement initiatives. Some of these produce an effect on the shorter
term, while the benefit of others will be realized over the 30-year lifetime of
vessels. In short, we need to drive energy efficiency both day-to-day and over
the long term", says Wist.
The agreements are secured by 20 sailing vessels with an average age of 12 years
and a market value of USD 1.4 billion. As part of the transaction, five older
vessels become debt free, increasing the company's unencumbered fleet to 12
vessels.
"The new financings allow us to extend debt maturities, stretch repayment
profiles and build financing capacity for future investment needs", says Wist.
For more information, see the Q2 quarterly report at
https://www.walleniuswilhelmsen.com/who-we-are/investors.
For further information, please contact:
Investor relations: Anette Orsten, VP Global Treasury & IR.
Tel: +47 980 67 912, email: anette.orsten@walwil.com
Media relations: Anette Maltun Koefoed, VP Corporate Communications.
Tel: +47 975 87 999, email: anette.maltunkoefoed@walwil.com
Pictures, please see the website
https://www.walleniuswilhelmsen.com/who-we-are/media
About Wallenius Wilhelmsen
The Wallenius Wilhelmsen group (OSE: WAWI) is a market leader in RoRo shipping
and vehicle logistics, transporting cars, trucks, rolling equipment and
breakbulk around the world. The company operates over 130 vessels servicing 16
trade routes to six continents, and a global inland distribution network,
processing centers, and marine terminals all over the world. The Wallenius
Wilhelmsen group consists of Wallenius Wilhelmsen Ocean, Wallenius Wilhelmsen
Solutions, EUKOR and ARC. The group is headquartered in Oslo, Norway with 8,200
employees in 29 countries worldwide.
Read more at walleniuswilhelmsen.com