Havila Kystruten has launched a private placement of 17,650,000 to 19,650,000 new shares at a price of NOK 25.50 for gross proceeds of approximately NOK 450 to 500 million.
Five investors have already committed to NOK 232.5 million, according to Havila.
Havila expects the placement to be completed by Jul 28, 2021, after which plans call for listing on Euronext and the Norwegian Stock Exchange.
The net proceeds will be used to launch the company’s operations with four new ships in the Norwegian coastal service.
Privately held, the Sævik family will retain majority control of Havila Kystruten through Havila Holding.
In 2018, Havila was granted four out of 11 government contracts to sail and serve the Norwegian coastal route between Bergen and Kirkenes (Hurtigruten retains the other seven contracts). The contracts are fixed for a period of 10 years and will run to 2030, securing a minimum revenue of NOK 285 million per year as well as newbuild financing and eligibility for additional financial support of up to NOK 327 million due to the vessels’ environmental profile, the company stated.
The four ships are under construction at the Tersan shipyard in Turkey. The first vessel, Havila Capella, is slated for delivery by the end of July and expected to sail her first revenue voyage in August/Septemnber 2021. The second, the Havila Castor, is expected to be completed by the end of August and delivered in September 2021.
The two remaining vessels, the Havila Polaris and Havila Pollux, were originally intended to be built at Barreras in Spain, but were later transferred to Tersan. They are scheduled for delivery in the second quarter of 2022.