Havila Shipping implements five-year debt restructuring agreement

By Sarah Lizee

Olympia, Wash., June 30 – Havila Shipping ASA said that on Monday it implemented a debt restructuring agreement for five years.

As previously reported, holders of the Havila Clipper HAVI 04 bonds (ISIN: NO0010590441) and the Havila Subsea HAVI 07 bonds (ISIN: NR0010605033) voted to adopt the company’s proposal to restructure its debt.

There is currently NOK 167,798,327 under the HAVI 04 bonds, after adding PIK interest for the period between Nov. 8, 2019 and Jan. 2, 2020. Of the outstanding amount, NOK 112.2 million in an interest-bearing A tranche and NOK 55,598,327 in a non-interest-bearing B tranche.

There is currently NOK 497,748,885 under the HAVI 07 bonds, after having deducted interest for the period Dec. 30, 2019 until March 30, 2020 added earlier. Of the outstanding amount, NOK 282.12 million is in an interest-bearing A tranche and NOK 215,628,885 is in a non-interest-bearing B tranche.

For each series, the service of the debt is from Jan. 2, 2020 dependent of each vessel’s profit. Interest and installments will be paid quarterly. If interest and installments on tranche A is not fully covered by the vessel income, any surplus amount will be transferred from tranche A to tranche B. At the end of the agreement period, the tranche B will be converted to equity in the company.

Havila provides supply services to the offshore oil and natural gas industry. It is based in Fosnavag, Norway.

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