Havila Kystruten completes €456m debt refinancing

Havila Kystruten AS announced the completion of its previously disclosed €456 million comprehensive debt refinancing on November 24, 2025. This transaction involved a 15-year financial lease facility provided by a subsidiary of Havila Holding AS. All outstanding bond debt and shareholder loans were fully repaid at closing, with no new equity or convertible instruments issued.

The new financing introduces a confirmed hire schedule, totaling €150,000 per day. This includes a fixed hire component starting at €93,000 per day in year 1, increasing to €107,500 in year 2, €114,750 in year 3, €125,000 in year 4, €127,000 in year 5, and then settling at €123,500 per day from year 6 onwards.

The remaining variable portion of the hire, linked to the junior tranche, offers flexibility, being payable in cash or through payment-in-kind at Havila Kystruten's discretion. This refinancing is expected to provide the company with a stable and predictable financing framework.