Havila Kystruten AS

HAVILA KYSTRUTEN AS: Refinancing completed

Reference is made to the announcement regarding refinancing in the company's

quarterly report for the fourth quarter of 2023.

Havila Kystruten AS has on April 18, 2024, completed the refinancing of Series B

of the secured bond loan with HPS Investment Partners, originally amounting to

MEUR 50, along with related redemption costs and accrued interest.

The redemption is financed through MEUR 56 in loans from Havila Holding AS in

accordance with the financing guarantee entered upon issuance of the bond loan.

The loan from Havila Holding is unsecured, with interest accruing, and the loan

matures in full on July 26, 2028. The transaction addresses the refinancing

needs due in October 2024 and replaces secured debt with unsecured debt at a

lower cost. The shareholder loan can be repaid at any time without redemption

costs. The company's first loan maturity is now on July 26, 2026.

In addition, Havila Kystruten has established a revolving credit facility of

MNOK 200 from Havila Holding, providing the company with increased financial

flexibility to manage seasonal liquidity fluctuations. The new loan has a term

until January 26, 2027, but can be drawn and reduced as needed, with interest

accruing.

The company's board has evaluated various options within the flexibility of the

loan agreement for the remaining secured bond (Series A Bonds of MEUR 255), and

believes that overall, this is the best solution for the company.

The transactions provide the company with improved liquidity and a strengthened

balance sheet. Havila Kystruten can focus on optimizing the operation of the

four new coastal vessels and achieving the operational goals set. In the long

run, this will enable a more long-term and sustainable financing that better

reflects the underlying vessel values and the company's solid earnings

potential.

Operationally, the positive trend in bookings continues, with occupancy for the

first quarter of 2024 ending at 68%, up from 60% in the fourth quarter of 2023.

In total for the year, 63% of capacity is now booked, and an average occupancy

of just under 80% is expected for 2024.

Contacts:

Chief Executive Officer Bent Martini, +47 905 99 650

Chief Financial Officer Aleksander Røynesdal, +47 413 18 114

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