Color Group has managed to bank an extra NOK 300m ($44m) from the Oslo bond market on Wednesday.
The Norwegian ropax owner had only announced the potential tap of its existing NOK 700m issue in the morning, but by the afternoon it had expanded the 2022 series to NOK 1bn, the maximum amount it was targeting.
The latest bonds were priced at 85% of par value, with net proceeds to be used for general corporate purposes.
Arctic Securities acted as the manager for the deal.
Color Group, which has operations in Norway, Denmark, Sweden and Germany, said it was dealing with the "significant consequences" of the Norwegian government's lockdown during the coronavirus pandemic.
Crew stranded
The company's two ferries running between Oslo and Kiel are halted until 30 April, while a fast ferry is running to Denmark with cargo and plus passengers wishing to return to their home country.
Another vessel is carrying cargo only to Denmark, and two more ships travelling between Sandefjord and Stromstad have also been idled.
The company said last month it needed to repatriate almost 2,000 crew members as a result of suspending regular passenger traffic.
Chief executive Trond Kleivdal said a good and constructive dialogue had been established with unions to ensure a proper process for all employees affected.
"The return of the almost 2,000 employees is a temporary action that can be cancelled at short notice, because we must ensure that the company is ready to start again when the authorities again allow passenger traffic between Norway, Sweden, Denmark and Germany," added Kleivdal.
Color Group made a net profit of NOK 220m in 2019, down from NOK 439m in 2018.
The company had liquidity reserves of NOK 399m at the end of year, against NOK 938m in 2018.
