Havila Kystruten unit to sell €325 million three-year bonds to refinance all group debt

By Devika Patel

Knoxville, Tenn., June 22 – Havila Kystruten AS subsidiary Havila Kystruten Operations AS plans to sell €325 million of three-year senior secured first-lien bonds, according to a press release from the parent.

Joint bookrunners Arctic Securities AS, Fearnley Securities AS and Nordea Bank Abp, filial i Norge are arranging a series of fixed income investor meetings.

Havila Kystruten announced on May 31 that it was contemplating a €390 million bond sale.

After communicating with potential investors, the company revealed a revised refinancing plan on Thursday, which includes €325 million in bonds and an approximately €65 million private placement of stock.

Proceeds will be used to refinance all group debt and fund the final yard installment of Havila Polaris and Havila Pollux, both of which are ready for delivery from the Tersan Shipyard.

Havila Kystruten is a Fosnavag, Norway-based shipping company.

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