After sorting out its sanctions-stricken newbuilding issue, Havila Kystruten is raising more funds in a share offering.
The Norwegian cruise and ferry operator announced after the Oslo close on Friday a plan to move forward with selling 60m shares at NOK 1 ($0.09) each, raising NOK 60m.
The deal gives eligible shareholders four non-transferable subscription rights for each share held on 18 July, with each subscription right entitling the shareholder to one share.
Shareholders have between 11 September and 27 September to subscribe to the offering.
The plan to raise another NOK 60m was disclosed in July after the company raised €65m ($70m) to go with a €305m debt agreement with New York-based private credit firm HPS Investment Partners and a €20m loan from Havila Holding.
That €309m in financing went towards freeing the 640-berth Havila Pollux and Havila Polaris (both built 2023) from a sanctions row involving previous financier GTLK Europe.
GTLK Europe was the Dublin arm of Moscow’s GTLK until it underwent liquidation. GTLK was blacklisted by much of the global West following Russia’s invasion of Ukraine.
The two ships were under construction in Turkey when the sanctions hit.
The move required Havila Kystruten to unwind its financing agreements with GTLK, which included court rulings in the UK and Norway, and finding the new agreement with HPS Investment Partners.
The new deal required the go-ahead from authorities in the UK, US, Norway and Ireland.
Havila Kystruten was aided by attorneys from Wikborg Rein in their efforts to undo the initial financing arrangement.
They told TradeWinds as many as 100 ships worldwide could be in a similar situation, as GTLK still has operations in Hong Kong and Dubai.
