Höegh Autoliners ASA (“Höegh Autoliners” or the “Company”), among the leading international drivers in the Roll On Roll Off (“RoRo”) delivery sector, today reveals its purpose to introduce a personal positioning of brand-new shares in the Company (the “Offering”) and also to provide the Company’s shares on Euronext Growth Oslo (the “Listing”).

Höegh Autoliners is just one of the leading international suppliers of deep-sea RoRo transport solutions, running a fleet of around 40 Pure Car and also Truck Carriers (“PCTC”) cruising in international profession systems. Offering secure and also safe deep-sea transport of freight such as automobiles, high and also hefty equipment and also breakbulk, its clients consist of the majority of the leading international lorry and also devices makers. With a typical bring ability of around 6,700 car-equivalent systems (“CEU”) per vessel, the Company has the biggest typical vessel dimension and also most affordable exhausts in the sector.

Höegh Autoliners is had by Leif Höegh & & Co Holdings AS (“LHC”) with 60.5%, A.P. Møller– Mærsk A/S with 38.2%, and also the Company’s chief executive officer, Andreas Enger, with 1.3%.

Image Credits: hoeghautoliners.com/ Owen Foley

The Company has a strong background of supplying exhaust cuts and also long-lasting sustainability outcomes. Since 2008, the Company has actually accomplished a better carbon strength of 37% throughout its fleet, placing it at the leading edge of lasting delivery and also significantly in advance of the IMO 2030-target of 40% decrease.

To increase its environment-friendly shift, broaden the fleet and also provide market-leading low-to-zero exhaust transport solutions to its clients, Höegh Autoliners has actually introduced a transformational brand-new structure program. The Company has actually participated in a Letter of Intent (“LOI”) with China Merchants Heavy Industry (“CMHI”) to construct a collection of multi-fuel and also ammonia all set Aurora course vessels. Under the regards to the LOI with CMHI, the very first 2 vessels will certainly be supplied in H2 2024 and also the following 2 vessels in H1 2025. In enhancement, Höegh Autoliners has alternatives for one more 4 + 4 Aurora course vessels. With an ability to lug approximately 9,100 automobiles, the Aurora course will certainly be the globe’s biggest and also most eco-friendly PCTCs.

The Offering will certainly consist of a personal positioning of brand-new shares anticipated to elevate gross profits to the Company around NOK 1 billion (the “Offer Shares”). The internet profits from the Offering will mainly be made use of to equity money the distribution of 4 Aurora course vessels. Four keystone capitalists; LHC, KLP Kapitalforvaltning AS, Intertrade Shipping AS and also Global Value Investment Corp (the “Cornerstone Investors”), have actually embarked on to subscribe for shares for an overall quantity of about NOK 425 million (matching to USD 50 million) in the Offering (of which LHC has actually devoted NOK 250 million), based on particular problems and also for a cost per share of approximately NOK 21.00, which relates to a pre-money equity worth of the Company of NOK 2,766 million (matching to USD 325 million). In enhancement to the underwriting dedications from the Cornerstone Investors pointed out over, the Company has actually gotten substantial support passion from a number of global delivery market experts along with various other neighborhood and also global generalist capitalists.

Leif O. Høegh, Höegh Autoliners Chair, commented:

“We are very pleased to announce our intention to list Höegh Autoliners and open the next chapter in its history. By raising capital and listing the Company, we will be able to accelerate investments and further strengthen our customer service and leading position in decarbonisation and cargo efficiency.”

Andreas Enger, Höegh Autoliners CHIEF EXECUTIVE OFFICER, commented:

“Listing on the Euronext Growth confirms our ambitions and capability as a company. The global market in our sector is rapidly strengthening through increased volumes and decreasing global capacity. We have secured yard slots to build the first four ammonia ready multifuel vessel, making us the undisputed frontrunner in our industry’s path to a zero emissions future.”

Financial highlights

The Company has actually seen solid enhancement in efficiency via 2021, with changed EBITDA expanding from USD 38 million in Q1 2021 to USD 51 million in Q3 2021 with additional enhancement to around USD 65 million anticipated in Q4 2021. The Company anticipates changed EBITDA for the full-year 2021 to be in the series of USD 195– 200 million. The Company sees a solid expectation for 2022. As of 30 September 2021, the typical broker quotes offer a worth changed equity of USD 550 million for the had fleet, with an additional USD 54 million in extra worth of lease alternatives and also revenue share for legal vessels, i.e. in complete USD 604 million.

Advisers

ABG Sundal Collier ASA and also DNB Markets, a component of DNB Bank ASA, are functioning as Joint Global Coordinators and also Joint Bookrunners about the Offering and also Listing (the “Joint Global Coordinators”). Clarksons Platou Securities AS and also Skandinaviska Enskilda Banken ABDOMINAL (publ) are functioning as Joint Bookrunners about the Offering (along with the Joint Global Coordinators, the “Managers”).

Advokatfirmaet Thommessen AS is functioning as lawful advise to the Company, while Advokatfirmaet Wiersholm AS is functioning as lawful advise to the Managers, about the Offering and also Listing.

Subject to obtaining the appropriate authorizations from the Oslo Stock Exchange, along with dominating equity resources market problems, the Company is anticipated to have its very first day of trading on Euronext Growth Oslo in Q4 2021. Further statements associating with the Offering and also Listing, consisting of the variety of Offer Shares to be provided and also the a measure cost array in which such Offer Shares will certainly be marketed (if any kind of) will certainly be made eventually.

Reference: hoeghautoliners.com