News and Updates

$125 million loan for Greek Shipyard Rehabilitation

Delphos serves as sole financial advisor on long-term US DFC financing approved under the United States’ European Energy Security Act & Diversification Act

Delphos advised ONEX Elefsis Shipyards and Industries SA (“ONEX”) on its US $125 million financing from the US Development Finance Corporation (“DFC”).  The direct loan, which received DFC board approval in May, will fund the rehabilitation and upgrades of the Elefsina Shipyards in Athens, Greece, increasing the servicing capacity of the shipyard to up to 200 ships annually.  The shipyard is a critical infrastructure asset for Greece and global shipping and is projected to contribute up to 1% of the country’s GDP per annum, within the next five years. It will be the country’s largest shipyard once fully operational and serve the Greek fleet which is the largest in the world in dead weight tonnage.  Additionally, Elefsina Shipyards will play a leading role in regional energy security and in green shipyard services, facilitating the industry’s transition to meeting carbon emission reduction goals.

“We are delighted to reach this important financing milestone.  We thank DFC team for its diligent efforts to date, and the Delphos team whose insight has been invaluable in navigating the financing process thus far. DFC loan, the first of its kind in Greece by the US agency, attests to the strong ties of cooperation between the two countries and the geopolitical importance of our undertaking in Elefsina. The Greek government and parliament have been big proponents of our project and we remain committed in reviving the national shipyard industry, continuing what we started five years ago in Syros,” said Panos T. Xenokostas, President and CEO of ONEX.

Delphos has worked closely with its client and DFC team to structure a robust loan package tailored to the needs of the underlying project.

Bart Turtelboom, Chairman and CEO of Delphos added, “We thank Mr. Xenokostas, owner of Onex Group, and the Onex team for their business and look forward to reaching financial close on this important transaction.   We are honored to be serving as financial advisor for the financing of the Elefsina Shipyards, a milestone transaction between Greece and the United States, which will play a pivotal role for the Greek economy and regional energy security for decades to come.

About Onex Group:

Headquartered in New York, USA, ONEX is a dynamic, rapidly growing group of companies involved in shipbuilding, ship repairing, and technology business solutions. Since its foundation in 2004, ONEX has evolved into a leading provider of Integrated Solutions, Technology, Business Services, Engineering, and Product Design for Defence, Aviation, ICT, Security, and Nanotechnology. In 2018, ONEX entered the shipping industry with the acquisition and rehabilitation of the Neorion Shipyards, a historical industrial facility in the Mediterranean Sea. Numbering 2,500 employees, the group has invested over €80 million in Greece over the last four years and is currently implementing a €500+ million investment in the country. With completed projects worth of €1 billion in its track record, ONEX has grown 400% since 2018, demonstrating a total of €250+ million in assets and a path to doubling it by the end of 2024.

About Delphos:

Delphos is the definitive source for financing innovative financial solutions for development companies and projects.  We specialize in raising long-term, competitively priced capital for corporates, fund managers, developers, SMEs, sovereigns, and entrepreneurs around the world. Since 1987, we have arranged more than $20 billion in development finance to support the efforts of over 1,200 companies. We tap into the resources of more than 350 government agencies and multilateral organizations worldwide to help clients realize their international business goals and have sustainable impact. In addition to our capital raising efforts, Delphos provides market-leading transaction advisory and investment/risk management consulting services to government and private sector clients across multiple industries. We are approved advisors to AfDB, DFC, IDB Invest, IFC, USAID, US Ex-Im Bank, USTDA, WBG, leading private equity firms, infrastructure developers and strategic investors, and foreign governments and utilities.

Media Contact:

Caroline King 

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