Havila Kystruten AS, operating under the brand Havila Voyages, has entered into a comprehensive refinancing agreement covering its total outstanding debt of EUR 456 million. The company disclosed the arrangement on the Oslo Stock Exchange, and closing is expected by November 25th, 2025, subject to the usual conditions.
Under the terms of the deal, Havila replaces about EUR 331 million of secured senior bonds and around EUR 116 million of unsecured shareholder loans with a new 15-year financial lease facility.
The refinancing brings roughly EUR 4 million in additional liquidity after transaction costs.
As part of the agreement, the company’s effective interest cost is substantially reduced: whereas before it carried high double-digit rates, the all-in cost will now be around 10%.
The structure also provides a call option, exercisable in full or in part from the third year of the facility.
The lease facility is provided by a wholly owned subsidiary of Havila Holding AS, the group’s majority shareholder.
It consists of a senior euro tranche of EUR 250 million, a senior U.S. dollar tranche equivalent to US$ 105 million, and a junior euro tranche of EUR 116 million — tranches carefully aligned with Havila’s revenue patterns and the residual value of its ships.
The total hire cost under the lease is equivalent to EUR 150,000 per day.
Of that, a fixed portion is tied to the senior tranches, while a variable portion relates to the junior tranche; this variable portion may be paid in cash or via payment-in-kind, depending on the company’s discretion.
The refinancing fully redeems all existing bond debt, set to mature in January 2027, and eliminates outstanding shareholder loans due in 2027 and 2028.
Importantly, the transaction does not involve issuing new equity or convertible instruments.
As a result, Havila is now financed through the full term of its coastal route contract with the Norwegian government, ensuring its operations remain aligned with its long-term service obligations.
According to company leadership, this long-term deal not only strengthens their financial position but also signals continued commitment from the majority owner. It is described as a structure that gives Havila Voyages greater operational flexibility, improved liquidity, and a more predictable funding baseline.
The board of Havila Kystruten assessed alternative financing options before endorsing this refinancing package and concluded it offered the best available stability and alignment with the company’s strategic goals.
Havila views the arrangement as sufficiently robust yet flexible — the lease may be optimized or refinanced again in the future once the company’s operational performance continues to mature.