Florø, Norway – April 25, 2022 – Fjord1 AS (“Fjord1” or the “Company”), the largest ferry and high-speed passenger boat operator in Norway, announced 22 April 2022 that it has completed a debt refinancing of its existing loan facilities.
The debt refinancing from private investors amounts to approximately NOK 6,5 billion. Proceeds will inter alia be used to repay the Company’s existing loan facilities, including the outstanding bond loan (ticker FJORD01 and ISIN NO0010810302).
In connection with the completion of the refinancing, Fjord1 expects to launch a buyback offer to its existing bondholders.
Dagfinn Neteland, Chief Executive Officer of Fjord1, said, “We are proud of the confidence our lenders have placed in Fjord1. We seek to continue providing the safest, most reliable, and environmentally sustainable ferry operations in Norway. As a result of the support of our investors, we have successfully upgraded nearly half of our fleet to hybrid-electric vessels powered by battery technology. This refinancing ensures we remain well positioned to continue electrifying our fleet to meet the demand for sustainable transportation. The completion of this transaction is emblematic of Fjord1’s resilience in the eyes of the institutional investors, our passengers, and the market at large”.
Pareto Securities AS and Wikborg Rein Advokatfirma AS served, as financial advisor and legal advisor, respectively, to Fjord1 in connection with the refinancing.
Fjord1 is owned by Vision Ridge Partners, an alternative asset manager focused on sustainable real assets, and Havila Holding, an investment company owned by the Sævik family in Norway, which together, successfully privatized the Company in August 2021.