Havila Shipping said its financial positions remains “highly challenging” with a need for financial restructuring to be concluded.
It comes after the company said it has been in extensive dialogue with bondholders in each of the three bond issues which have contributed with constructive and specific suggestions for a revised proposal.
The company said the revised proposal is based on dialogue with stakeholders which is supported by the largest holders within all bond issues as well as bank lenders.
They have agreed to a revised master agreement with Havila Holding as the largest shareholder and guarantor for the equity issue.
Restructuring includes an offer by the company to buy back bonds up to a total value of NOK275million at a price of up to 30% of par value with settlement in cash upon completion of refinancing.
The Sævik family intends to maintain its current proportionate shareholding and Havila Holding has guaranteed a subscription of NOK 153 million.
The new equity is to be secured through a private placement directed towards existing shareholders and new investors, subject to and in accordance with applicable securities regulations.
Bondholders subscribing in the equity issue will be given preferred allocation before new investors to the extent possible.
The company intends to issue a notice for an extraordinary general meeting proposing the approval of the contemplated NOK300million equity issue.
Swedbank Norway and Fearnley Securities are engaged as the company’s financial advisors in connection with the bond amendments and Wikborg Rein & Co Advokatfirma DA is engaged as the Company’s legal advisor.
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