Boskalis: Financing for Smit offer in place

Papendrecht, 15 December 2009

Royal Boskalis Westminster N.V. (Boskalis) wishes to announce that the financing of the intended public offer of € 60 per share (cum dividend) for Smit Internationale N.V. (Smit) is in place.

Peter Berdowski, CEO: “I am extremely pleased that we have been able to secure the sizable financing package with a group of banks within a very short period of time. The strong strategic and financial position of the Boskalis / Smit combination played a major role in this respect and I look forward with confidence to the successful execution of the Smit merger."

Equity offering
With reference to the press releases of 9 and 10 December 2009, Boskalis confirms that the € 230 million equity offering has been settled.

Debt financing
In addition to the proceeds of the equity offering, the financing will comprise a combination of a 3- and 5-year bank facility (€ 650 million in total) and a temporary bridge facility (€ 400 million). The financing was arranged with a group of banks comprising Rabobank, ING Wholesale Banking, Fortis Bank Nederland and RBS. The entire package will be used to finance the intended acquisition of Smit as well as the refinancing and replacement of Smit's and Boskalis’ existing bank facilities. Furthermore, these facilities will provide sufficient room for the new combination to make future investments.

Rabobank is the coordinator on behalf of the banks and together with Kempen & Co financial advisor for the public offer.

This is a public announcement by Royal Boskalis Westminster N.V. as referred to in Section 7 paragraph 4 of the Public Offers Decree (Besluit Openbare Biedingen Wft). This announcement is not to be published or distributed in or to the United States of America, Japan, Australia or Canada. This announcement does not constitute an offer, or any solicitation of any offer, to buy or subscribe for any securities in Smit and/or Boskalis.

Royal Boskalis Westminster nv, press release