Havila Voyages Secures €456 Million Refinance to Boost Operations and Growth

Havila Kystruten AS, operating as Havila Voyages, has finalized a significant refinancing agreement that addresses its outstanding debt totaling EUR 456 million. This announcement was made on the Oslo Stock Exchange, with the transaction expected to close by November 25, 2025, pending customary conditions.

The agreement involves replacing approximately EUR 331 million of secured senior bonds and EUR 116 million of unsecured shareholder loans with a new 15-year financial lease facility. This refinancing not only enhances Havila’s liquidity by about EUR 4 million after transaction costs but also substantially lowers its interest expenses; the all-in cost will drop to around 10%, down from previously high double-digit rates.

The structure of this deal includes a call option, allowing partial or full exercise from the third year of the facility. The lease facility is managed by a subsidiary of Havila Holding AS, the majority shareholder. It is organized into tranches: EUR 250 million in senior euros, approximately US$ 105 million in senior U.S. dollars, and EUR 116 million in junior euros, which aligns with Havila’s revenue patterns and the residual values of its ships.

The total daily cost associated with the lease is set at EUR 150,000, incorporating fixed payments for senior tranches and a variable component for the junior tranche that can be settled in cash or as payment-in-kind, at the company’s discretion.

This refinancing plan fully redeems existing bond debts maturing in January 2027 and eliminates the shareholder loans due in 2027 and 2028 without issuing new equity or convertible instruments. Consequently, Havila is now financially secured throughout the duration of its coastal route contract with the Norwegian government, reinforcing its operational alignment with long-term service commitments.

Leadership at Havila emphasizes that this long-term agreement not only bolsters their financial stability but also reflects the ongoing support from the majority owner. They assert that this framework provides Havila Voyages with enhanced operational flexibility, improved liquidity, and a more predictable funding baseline. The board of Havila Kystruten examined various financing alternatives and determined this refinancing package was the most beneficial for maintaining stability and achieving strategic objectives.

Havila considers this arrangement not only robust but also adaptable, with possibilities for optimization or another refinancing down the line as the company’s operational performance progresses.

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