HAVILA KYSTRUTEN AS: Refinancing completed
April 18 2024 - 3:44AM
HAVILA KYSTRUTEN AS: Refinancing completed
Reference is made to the announcement regarding refinancing in
the company's quarterly report for the fourth quarter of 2023.
Havila Kystruten AS has on April 18, 2024, completed the
refinancing of Series B of the secured bond loan with HPS
Investment Partners, originally amounting to MEUR 50, along with
related redemption costs and accrued interest.
The redemption is financed through MEUR 56 in loans from Havila
Holding AS in accordance with the financing guarantee entered upon
issuance of the bond loan. The loan from Havila Holding is
unsecured, with interest accruing, and the loan matures in full on
July 26, 2028. The transaction addresses the refinancing needs due
in October 2024 and replaces secured debt with unsecured debt at a
lower cost. The shareholder loan can be repaid at any time without
redemption costs. The company's first loan maturity is now on July
26, 2026.
In addition, Havila Kystruten has established a revolving credit
facility of MNOK 200 from Havila Holding, providing the company
with increased financial flexibility to manage seasonal liquidity
fluctuations. The new loan has a term until January 26, 2027, but
can be drawn and reduced as needed, with interest accruing.
The company's board has evaluated various options within the
flexibility of the loan agreement for the remaining secured bond
(Series A Bonds of MEUR 255), and believes that overall, this is
the best solution for the company.
The transactions provide the company with improved liquidity and
a strengthened balance sheet. Havila Kystruten can focus on
optimizing the operation of the four new coastal vessels and
achieving the operational goals set. In the long run, this will
enable a more long-term and sustainable financing that better
reflects the underlying vessel values and the company's solid
earnings potential.
Operationally, the positive trend in bookings continues, with
occupancy for the first quarter of 2024 ending at 68%, up from 60%
in the fourth quarter of 2023. In total for the year, 63% of
capacity is now booked, and an average occupancy of just under 80%
is expected for 2024.
Contacts:
Chief Executive Officer Bent Martini, +47 905 99 650
Chief Financial Officer Aleksander Røynesdal, +47 413 18 114