Havila Kystruten AS signed a term sheet with a large global private credit fund for a three-year EUR 305 million facility to cover the refinancing of all four vessels. The facility carries a cash interest of 3-months EURIBOR plus 6.00% and PIK interest of 3.50%. Subject to reaching certain financial milestones, the total interest may be reduced to EURIBOR plus 7.75%, The facility will amortize with EUR 50 million at a price of 107% of par after 15 months with a guaranteed settlement by Havila Holding AS the Company's shareholder owning 60.42%) through the issuance of a new unsecured debt instrument .

The remaining amount matures after 3 years at a price of 106%. Together with the debt financing, the Company will be seeking to raise EUR 85 million of new capital in order to be fully funded for its refinancing and delivery of the remaining vessels from the yard. The company is discussing with prospective investors to meet this remaining financing requirement, hereunder the possibility to raise capital through an equity placement.

Havila Holding will contribute a significant part of such an amount. The overall financing solution secures an LTV below 60% and positions the Company well for the next coming years.