Havila Shipping updates bondholders on capitalized interest on notes

Chicago, Dec. 23 – Havila Shipping ASA updated bondholders on the capitalization of the interest payments due at the end of the month on two of its bonds, in line with previous approval by noteholders of a proposal from the company to service the debt once a year instead of quarterly, according to a press release.

For Havila’s Havi04 bondholders, the new principal amount on the bonds is NOK 160,703,048, divided into an interest-bearing tranche A of NOK 93,499,200 and a non-interest-bearing tranche of NOK 67,203,848.

The transfer from tranche A to tranche B is a total of NOK 3,379,293 comprised of the unpaid interest from the end of September in the amount of NOK 2,337,600 and NOK 1,041,693 at the end of December.

The company is keeping net income from its vessel of NOK 535,770 to cover operational costs, pursuant to its agreement.

For the Havi07 bonds, Havila is using net income to make some of the interest payments due.

The company will make a total interest payment of NOK 5,535,735 with a NOK 3,076,135 tranche A interest payment for the most recent quarter that ends Dec. 30 and an installment payment due on Dec. 30 of NOK 2,459,600.

There will be no unpaid interest moved from tranche A to tranche B. The unpaid installment as of Dec. 30 is NOK 3,418,000. The new principal amount on the bonds is NOK 499,917,974 which breaks down into NOK 235,099,200 on the interest-bearing tranche A and NOK 264,818,774 on the non-interest-bearing tranche B.

The ship operator is based in Fosnavag, Norway.

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