Havila Voyages Secures €456 Million Refinance: A New Chapter for Sustainable Travel

Havila Voyages has successfully secured a refinancing agreement for its outstanding debt totaling EUR 456 million. This was announced by Havila Kystruten AS on the Oslo Stock Exchange, with the deal expected to close by November 25th, 2025, pending standard conditions.

The refinancing structure involves replacing approximately EUR 331 million of secured senior bonds and EUR 116 million of unsecured shareholder loans with a new financial lease facility that spans 15 years. As a result, the company anticipates an influx of roughly EUR 4 million in liquidity after transaction costs.

The initiative significantly reduces Havila’s effective interest costs from high double-digit rates to around 10%. This agreement also includes a call option, which can be exercised fully or partially starting from the third year of the lease.

The lease is provided by a subsidiary of Havila Holding AS, the group’s majority owner, and includes a senior euro tranche of EUR 250 million and a senior U.S. dollar tranche equivalent to US$ 105 million, complemented by a junior euro tranche of EUR 116 million. These tranches have been designed to align with Havila’s revenue patterns and the residual value of its vessels.

The total cost of the lease is set at EUR 150,000 per day, comprising both fixed and variable components. The company can opt to pay the variable portion in cash or by payment-in-kind.

This refinancing clears all existing bond debt set to mature in January 2027 and eliminates the outstanding shareholder loans due in 2027 and 2028. Notably, there will be no issuing of new equity or convertible instruments as part of this arrangement.

With this new financial backing, Havila is now secured through the full term of its coastal route contract with the Norwegian government, aligning its operations with long-term service commitments. Company leadership views this long-term financing as a move that not only strengthens financial stability but also showcases the continued commitment of its majority owner. They describe it as a structure that enhances operational flexibility, improves liquidity, and establishes a more predictable funding base.

After assessing various financing options, the board concluded that this refinancing deal aligns best with the company’s strategic goals, supporting stability and future growth. Havila believes that the lease may be further optimized or refinanced in the future as operational performance progresses.

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