Havila Kystruten AS Secures Major Debt Refinancing
Havila Kystruten AS, often referred to simply as Havila Kystruten, is excited to announce the successful completion of its previously disclosed EUR 456 million refinancing deal. This important financial milestone was finalized following the satisfaction of all customary conditions.
Details of the Refinancing Structure
The refinancing package has been established through a 15-year financial lease facility, generously provided by a subsidiary of Havila Holding AS. In a significant move, all outstanding bond debts and shareholder loans were completely repaid at the close of the transaction. Impressively, no new equity or convertible instruments were issued as part of this refinancing effort.
Confirmed Hire Schedule
As part of the refinancing completion, the final hire schedule has been officially confirmed. The total hire arrangement entails a daily rate of EUR 150,000. This rate consists of a fixed component, which starts at EUR 93,000 per day for the first year. It then gradually increases to EUR 107,500 in the second year, EUR 114,750 in the third year, and EUR 125,000 in the fourth year. By the fifth year, the rate will slightly adjust to EUR 127,000, followed by EUR 123,500 per day from the sixth year onwards.
Variable Portion of the Hire
An interesting aspect of this arrangement is the remaining variable portion of the hire linked to the junior tranche. This portion can be settled either in cash or through a payment-in-kind (PIK) option, providing the Company with added financial flexibility.
Benefits of the Refinancing
The successful completion of the refinancing provides Havila Kystruten with a stable and manageable financing structure. This newfound stability not only enhances financial predictability but also opens doors for potential future optimization or refinancings as the Company progresses.
Company Contacts
For more information, interested parties can reach out to the following company officials: Chief Executive Officer, Bent Martini, available at +47 905 99 650, or Chief Financial Officer, Aleksander Røynesdal, at +47 413 18 114.
Frequently Asked Questions
What is the amount involved in the debt refinancing of Havila Kystruten AS?
The total amount involved in Havila Kystruten AS's debt refinancing is EUR 456 million.
How long is the financial lease facility for Havila Kystruten?
The financial lease facility is structured for a duration of 15 years.
What benefits does the refinancing provide to Havila Kystruten AS?
The refinancing delivers a stable financing structure, enhancing financial predictability and enabling future optimization.
Who were the key financial contacts provided by Havila Kystruten?
The key financial contacts include CEO Bent Martini and CFO Aleksander Røynesdal.
What does the hire schedule look like after the refinancing?
The hire schedule initiates at EUR 93,000 per day, increasing over the years to EUR 123,500 from year six onwards.
