Havila Kystruten, also known as Havila Voyages, has entered into a comprehensive refinancing agreement for its outstanding debt totalling €456 million ($480 million).
The transaction is structured as a 15-year financial lease facility provided by a fully owned subsidiary of Havila Holding, the company's majority shareholder.
The new facility refinances approximately €331 million of senior secured bonds, including accrued interest and call premiums, and approximately €116 million of unsecured shareholder loans.
It also provides around €4 million in additional liquidity net of transaction fees. The transaction is expected to close by November 25, 2025.
Havila Kystruten stated that the refinancing reduces its effective interest cost from high double-digit levels to an all-in cost of approximately 10 per cent.
The facility is divided into a senior euro tranche of €250 million, a senior US dollar tranche of $105 million, and a junior euro tranche of €116 million. The total hire equivalent is €150,000 per day.
The agreement fully repays the company's existing bond debt maturing in January 2027 and shareholder loans maturing in 2027 and 2028. The company noted that the transaction ensures it is fully financed through the current tenor of its contract with the Norwegian Government under the coastal route and does not involve the issuance of new equity.
