Vauban IP leads a refinancing process of eco-friendly heating group Oslofjord Värme
Vauban Infrastructure Partners has led a refinancing of around NOK 1,700m of debt of Oslofjord Varme, a leading independent Norwegian heating provider.
The institutional investors in the refinancing of the company, which provides heating and cooling in the Greater Oslo Area by using environmentally-friendly heat pumps, were SunLife and IFM, while bank participation (including RCF and capex facility) was provided by SEB, Nordea, and DNB. Vauban IP acquired 42.5% of Oslofjord Varme in April 2018, alongside financial investors KLP and Infranode. Oslofjord Varme’s growth since the Vauban’s investment has also allowed it to increase its stake in Fredrikstad Fjernvarme, a complementary heating business based in Norway, from 35% to 57.5%.
Under the guidance of Vauban IP, Oslofjord Varme has met its key refinancing objectives – the implementation of a cost-efficient and long-term capital structure with a multi-tenor maturity profile. The resulting structure reduces the refinancing risk through its blended maturity profile. The common term platform enables banks and private placements to participate alongside each other and supports new acquisitions and investments in growth projects.
The refinancing provides an improvement in long-term cash yield profile of the Vauban’s investment.
Vauban Infrastructure Partners
Affiliate of Natixis Investment Managers
Société en Commandite par Actions – Limited Partnership by shares
Share capital : €10 076 680.20
Regulated by the Autorité des Marchés Financiers (AMF) under n° GP – 19000044
RCS Paris 833 488 778
115 Rue Montmartre
www.vauban-ip.com
Natixis Investment Managers
RCS Paris 453 952 681
Share Capital: €178 251 690
43 avenue Pierre Mendès France
75013 Paris
www.im.natixis.com
This communication is for information only and is intended for investment service providers or other Professional Clients. The analyses and opinions referenced herein represent the subjective views of the author as referenced unless stated otherwise and are subject to change. There can be no assurance that developments will transpire as may be forecasted in this material.
The institutional investors in the refinancing of the company, which provides heating and cooling in the Greater Oslo Area by using environmentally-friendly heat pumps, were SunLife and IFM, while bank participation (including RCF and capex facility) was provided by SEB, Nordea, and DNB. Vauban IP acquired 42.5% of Oslofjord Varme in April 2018, alongside financial investors KLP and Infranode. Oslofjord Varme’s growth since the Vauban’s investment has also allowed it to increase its stake in Fredrikstad Fjernvarme, a complementary heating business based in Norway, from 35% to 57.5%.
Under the guidance of Vauban IP, Oslofjord Varme has met its key refinancing objectives – the implementation of a cost-efficient and long-term capital structure with a multi-tenor maturity profile. The resulting structure reduces the refinancing risk through its blended maturity profile. The common term platform enables banks and private placements to participate alongside each other and supports new acquisitions and investments in growth projects.
The refinancing provides an improvement in long-term cash yield profile of the Vauban’s investment.
Affiliate of Natixis Investment Managers
Société en Commandite par Actions – Limited Partnership by shares
Share capital : €10 076 680.20
Regulated by the Autorité des Marchés Financiers (AMF) under n° GP – 19000044
RCS Paris 833 488 778
115 Rue Montmartre
www.vauban-ip.com
Natixis Investment Managers
RCS Paris 453 952 681
Share Capital: €178 251 690
43 avenue Pierre Mendès France
75013 Paris
www.im.natixis.com
This communication is for information only and is intended for investment service providers or other Professional Clients. The analyses and opinions referenced herein represent the subjective views of the author as referenced unless stated otherwise and are subject to change. There can be no assurance that developments will transpire as may be forecasted in this material.