Christian Sveaas-owned Kistefos, which has major holdings in two shipowners, has raised NOK 250m ($27.8m) in a bond issue.

The fundraiser came after the company reported that it reduced its first-half loss as a slump at Western Bulk Chartering stood out from "good growth" at its other companies in its diverse portfolio.

The Oslo investment company's tap issue adds to an existing pile of NOK 1bn in senior unsecured bonds.

The debt securities are due in 10 May 2023.

Kistefos, whose bonds are listed on the Nordic ABM market, has said that proceeds from the fundraiser will be used for general corporate purposes.

ABG Sundal Collier and DNB Markets acted as joint managers on the transaction.

Kistefos has major holdings in bulker operator Western Bulk and offshore vessel owner Viking Supply Ships.

The company launched the offering this week as it reported an NOK 45.8m loss for the first six months of the year, which marked an improvement on the NOK 262m loss in the first half of 2018.

"Apart from Western Bulk Chartering, the Kistefos Group has had a six months period with good growth in the most important portfolio companies, completed follow-up investments in existing portfolio companies and invested in new portfolio companies," the company said.

As TradeWinds reported earlier this week, Western Bulk posted a loss after tax of $24.8m for the first half of the year, compared to a post-tax profit of $3.6m during the first six months of 2018.

Kistefos blamed the loss on unusually large rate decline in the first quarter and losses in its Chile operation.

But the company has a positive outlook for Western Bulk.

"Western Bulk Chartering has been through a challenging six months period, but the outlook for positive results in the second half is good," Kistefos said.

Viking Supply Ships (VSS) narrowed its loss to SEK 19.0m ($2.0m) during the period, a drastic improvement compared to the loss of SEK 268.0m it posted in the second quarter 2018.

Kistefos said the platform supply vessel owner benefited from an improving market, and it didn't face the asset value writedowns suffered a year earlier.

"VSS has seen the contours of a better market for the company's AHTS vessels, but low utilisation and moderate rates are still expected," Kistefos said.

The Sveaas investment vehicle reported first-half revenue of NOK 6.52bn in the first six months of 2019, down from NOK 5.27bn a year earlier.

Its assets shrank to NOK 25.7bn from NOK 26.9bn, a result of paying off outstanding debt in VSS and Western Bulk.