Akin Advises on Financial Restructuring of Hurtigruten

May 17, 2023

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Jacinta O'Shea-Ramdeholl

Director of Communications

Scott Wasserman

Senior Media Relations Manager

(London) – Akin has advised the ad hoc committee of term loan B lenders to Hurtigruten Group AS in relation to the financial restructuring of Hurtigruten’s financial indebtedness.

On February 21, 2023, Hurtigruten announced that it had entered into a lock-up agreement for a two-year maturity extension of its existing €85 million revolving facility to February 2026 and €655 million Facility B to February 2027 as well as certain other amendments. The maturity extension and related amendments were conditional upon a parallel €200 million refinancing of Hurtigruten’s Facility C and Facility D debt, as well as a shareholder injection of €115 million. Following satisfaction of all conditions precedent, on April 13, 2023, the transaction effective time occurred, and the proposed amendments were fully implemented.

Hurtigruten is a Norwegian provider of adventure tourism and expedition cruising that operates fleets, voyages and cruises to over 30 countries across five continents.

More details on the transaction can be found here.

The Akin team that advised the ad hoc committee was led by financial restructuring partner James Terry alongside counsel Hermione Allen. The wider team comprised corporate & finance partner Amy Kennedy, counsel Chris Parrott and associate Ruth Butterworth.

Akin is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.

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