Hurtigruten negotiates loan

2020-06-27T07:00:40+00:00 June 27th, 2020|Finance|

Hurtigruten has secured a €105 mill loan facility.

This loan will increase the group’s liquidity to around €200 mill.

Financed by international investors, it can be used for general corporate and working capital requirements across the group.

The loan has a maturity of three years and is said to carry an interest rate of about 11%.

Hurtigruten said that is now has liquidity to secure its business through 2021 based on the current activity level.

Earlier, Hurtigruten had also announced that it had been able to suspend certain financial covenants until December. 2021.

In Norwegian media reports, Hurtigruten CEO, Daniel Skjeldam (pictured) expressed disappointment that the Norwegian government had not come up with a financial aid package for the company.

He reportedly said that he could not sit and wait for the politicians to work out a plan, but that he instead took the initiative to create his own aid package.