Havila Kystruten has issued a private placement consisting of a primary offer of 17,650,000 to 19,650,000 new shares issued by the company to raise gross proceeds of around NOK450 to 500 mill.
The Norwegian coastal cruise ship company has engaged Fearnley Securities and SpareBank 1 Markets to advise on and effect the private placement.
The price per share was set to NOK25.50, equivalent to a pre-money equity value of the company of NOK765 mill, based on the 30,000,000 shares currently outstanding in Havila.
Net proceeds will be used to make preparations for the company’s commencement of operations (directly and through subsidiaries), as operator of four ships on the Norwegian Coastal Route, to finance working capital related to the delivery and operation of its four vessels under construction, and for general corporate purposes.
Five cornerstone investors have, subject to certain terms and conditions, undertaken to subscribe for, and be allocated in full, shares for NOK232.50 millas follows:
- Paladin Asset Management has undertaken to subscribe for and be allocated shares for NOK82.5 mill;
- Nordea Investment Management for NOK50 mill;
- Farvatn Capital also for NOK50 mill;
- Verdipapirfondet Fondsfinans Norge for NOK25 mill;
- MP Pensjon PK also for NOK25 mill.
The bookbuilding period started on 6th July, 2021 and was due to close on 13th July, 2021.
Havila Kystruten has applied for, and will, subject to successful completion of the placement and the necessary approvals from the Oslo Stock Exchange, list the shares of the company on Euronext Growth.
The first day of trading on Euronext Growth is expected to be shortly after completion of the placement, and is currently anticipated to be on or about 28th July, 2021.
Havila will immediately following the listing start preparations for an uplisting on Euronext Expand or Oslo Børs, for completion within six to 12 months, subject to prevailing market conditions and satisfaction of applicable listing requirements.
The placement will be directed towards Norwegian and international investors, in each case subject to an exemption being available from offer prospectus requirements and any other filing or registration requirements in the applicable jurisdictions and subject to other selling restrictions.
Minimum application and allocation amount was set to the NOK equivalent of €100,000.