Saevik company tapping bond for $29m

The Saevik family investment company Havilafjord is contemplating a bond tap of up to NOK 250m ($29.3m).

It wants to add money from its five-year NOK 750m issue due in 2023.

The maximum available under the note is NOK 1bn.

Havilafjord owns shares in Saevik-backed Norwegian ferry giant Fjord1.

The cash position of Havilafjord is NOK 78.4m, it said.

Fearnley Securities and SpareBank1 Markets have been retained as joint lead managers for the potential transaction.

Havilafjord spokesman Vegard Saevik told TradeWinds the company is 100% owned by Havila Holding.

"The sole purpose of Havilafjord is to own our shareholdings in Fjord1, which currently stand at 51.5%," he added.

"The new bond money will be used for general corporate purposes, meaning it will be distributed to the parent company and the family are free to use it for other investments."