The shares of Eneti Inc. (NYSE: NETI) are currently experiencing an upward surge in the stock market trading today. As of the last check in the current trading session, Eneti stock has exhibited a notable uptick of 10.44%, reaching $10.85. This positive trajectory can be attributed to recent developments concerning the extension of the company’s share exchange offer.
Cadeler A/S and Eneti (NETI) jointly declared the extension of the expiration date for the share exchange proposal aimed at acquiring all outstanding common stock shares of Eneti. The new deadline for this transaction has been set at 5:30 p.m. Eastern Time on December 14, 2023.
Noteworthy adjustments have been made to the minimum tender condition for the Share Exchange Offer, with Cadeler opting to decrease it from 85.01% to 70%, a decision guided by the terms outlined in the Prospectus/Offer to Exchange dated November 7, 2023.
Cadeler’s offer entails an exchange ratio of 0.85225 American Depositary Shares for each Eneti share, with each Cadeler ADS representing four shares of Cadeler. This aligns with the previously communicated exchange ratio of 3.409 Cadeler Shares for every Eneti Common Stock share.
The Share Exchange Offer, originally slated to conclude at 4:30 p.m. Eastern Time on December 7, 2023, has been protracted until 5:30 p.m. Eastern Time on December 14, 2023. This extension has been implemented to fulfill the minimum tender condition, and barring further extensions or premature termination, this decision was rendered in compliance with the stipulated terms.
Cadeler’s resolution to reduce the Minimum Condition was a deliberative process, considering several factors, including the robust overall support evident in the acceptances received from Eneti stockholders.
In parallel with these financial maneuvers, Eneti has recently executed a previously disclosed senior secured green term loan facility amounting to $436.0 million. This facility, orchestrated in collaboration with an international consortium of banks and export credit agencies, was co-arranged and co-underwritten by Credit Agricole Corporate and Investment Bank and Société Générale, with the latter serving as the Green Loan Coordinator.
