The new agreement was announced on the Oslo Stock Exchange on Tuesday afternoon, 18 November, and the transaction is expected to be completed by 25 November 2025.

“With this agreement, we obtain a long-term and more predictable financing solution that significantly reduces our financing costs. This will give us the peace of mind to focus on what we are supposed to be best at: delivering on the assignment we have been given by the Norwegian authorities and offering memorable experiences along the Norwegian coast for guests from all over the world,” says Bent Martini, CEO of Havila Voyages.

Significantly lower financial costs and increased liquidity
The refinancing covers all the company’s bond debt and shareholder loans, without the issuance of new equity. The new solution refinances approximately EUR 331 million in secured senior bonds and approximately EUR 116 million in unsecured shareholder loans. After transaction costs, the solution provides the company with around EUR 4 million in additional liquidity.

The company’s effective interest rate is reduced from high double-digit levels to a total cost of around 10 per cent, with the option to redeem the agreement as a whole or in part from year three.

“We have been through a demanding period with high financing costs. We are now getting a structure that is both more sustainable and better adapted to our operations. This gives us greater financial robustness and better conditions for strengthening our offering to both local communities along the coast and other travelers,” Martini says.

Long-term commitment from majority owner
The refinancing is structured as a 15-year financial leasing agreement provided by a wholly owned subsidiary of Havila Holding AS, the company’s majority shareholder. The agreement is tailored to both Havila Voyages’ revenue streams and the residual value of the vessels.

“The fact that our majority owner is stepping up with such a long-term financing solution is a strong vote of confidence in the company, our employees and our concept. It shows that the owners believe in Havila Voyages as a long-term project and, not least, as an important service along the Norwegian coast,” says Martini.

The refinancing fully redeems the company’s existing bond debt maturing in January 2027, as well as existing shareholder loans maturing in 2027 and 2028. It further ensures that Havila Voyages is fully financed for the entire remaining term of its current coastal route contract with the Norwegian authorities.

“This agreement allows us to look ahead. We can concentrate on optimizing our operations, further developing our green and energy-efficient offering and positioning ourselves as well as possible for the renewal of the state’s coastal route contract. This is important for our guests, our employees and the coastal communities we are tasked with serving,” says Martini.

Potential for future optimization or refinancing
Havila Voyages sees the new agreement as a solution that can be optimized or refinanced at a later stage, once the operational ramp-up has progressed further and the business model has been further proven in the market.

“We have now put in place robust and flexible financing that gives us time to demonstrate the profitability of our operations over time. When we have a better track record and higher volumes, we will be able to assess whether the market can offer even better terms. What matters now is that we have a solid platform to build on,” Martini concludes.

© Shippax