Swedish offshore wind developer Hexicon has extended the maturity of its SEK 75 million revolving credit facility (RCF) by two years following negotiations with lenders, the company said on Monday.
The credit line, which had been set to expire at the end of June 2025, will now run through to 30 June 2027 under revised terms, including a monthly paid-in-kind (PIK) interest rate of 1.38% and additional associated fees.
As part of the agreement, up to 158 million warrants will be issued with a strike price of SEK 0.40 per share and a maturity of 36 months, pending shareholder approval at an upcoming extraordinary general meeting (EGM).
In a separate arrangement, Hexicon has entered into a memorandum of understanding with Wallstreet Aktiebolag to convert approximately SEK 28 million of outstanding loans into an equity stake in Freia Offshore AB, the intellectual property company that holds Hexicon Group’s patents. The company said the conversion represents 50% of the outstanding loan with Wallstreet under the overall facility.
Hexicon reported a pre-tax loss of SEK 41 million for the second quarter of 2025. The company said the equity conversion would “further strengthen the industry partnership between the two parties.”
Additionally, Hexicon has secured a new loan commitment of up to €4.75 million from Nuveen Infrastructure, to be drawn in tranches under a previously established financing framework. The funds will support corporate operations and the development of priority floating wind projects, subject to milestone achievements.
Chief Executive Marcus Thor has also committed to a €20,000 subordinated loan to the company, which is non-interest-bearing and repayable at a multiple of five or ten times, depending on the level of repayment made on the Nuveen loan.
“These agreements mark an important milestone for Hexicon. By securing financing and strengthening our industrial partnerships, we can now focus fully on our core business,” Thor said. “We are pleased with the continued trust from our lenders and partners, and I am confident that these steps will enable us to accelerate our strategy and create long-term value for our shareholders.
