Havila Voyages Secures Stronger Liquidity and Balance Sheet

Havila Ships

Havila Voyages has completed a refinancing that secures stronger liquidity and balance sheet for the company, according to a company statement.

Havila Voyages’ Q4 2023 report disclosed plans for refinancing Series B of the secured bond loan, initially valued at EUR 50 million. This announcement included details regarding redemption expenses and accrued interest.

On Thursday, April 18, Havila Voyages refinanced this loan through a EUR 56 million loan from Havila Holding AS in accordance with a financing guarantee entered into when the bond loan was issued. The loan from Havila Holding is unsecured and must be fully paid by July 26, 2028.

Additionally, Havila Voyages has secured a revolving credit facility of NOK 200 million from Havila Holding, enhancing the company’s financial adaptability to manage seasonal variations in liquidity.

“As a company, we have considered various alternatives within the constraints we had in the loan agreement for the remaining secured bond, and overall we believe this is the best solution for us,” said CEO Bent Martini.

Series A of Havila Voyages’ secured bond loan was issued with a total face value of EUR 255 million. It was issued in July 2023 specifically to finance the delivery of two ships: Havila Polaris and Havila Pollux.

“With this solution, we ensure stronger liquidity and balance for Havila Voyages. Now we can focus on optimizing the operation of our four new coastal route ships and delivering on the operational goals we have set ourselves,” said Martini.

“Over time, this will also enable more long-term and sustainable financing that better reflects the solid underlying ship values and the good earning opportunities we have from operating ships along the Norwegian coast. There is no doubt that the bond loan is expensive for us, but with the challenges we faced with the original lender and the sanctions they were under, this was the only solution in the late summer of last year. The goal has always been to find solutions with lower costs, and this is a step further.”

Havila Voyages also reported a continued increase in continues. Occupancy for the first quarter of 2024 stood at 68 percent, up from 60 percent in the fourth quarter of 2023. The average occupancy rate for 2024 is just under 80 percent.

“For a new company on a well-established route, we are very satisfied with our booking figures. We are getting positive feedback from previous guests. We see more people coming back to us and the awareness of us in the markets is growing. We are optimistic about the time ahead,” concluded Martini.


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