Höegh Autoliners Announces Intention to List on Euronext Growth Oslo

Höegh Autoliners ASA, one of the leading global operators in the Roll On Roll Off (“RoRo”) shipping segment, today announces its intention to launch a private placement of new shares in the Company (the “Offering") and to list the Company’s shares on Euronext Growth Oslo(the “Listing”). Höegh Autoliners is one of the leading global providers of deep-sea RoRo transportation services, operating a fleet of around 40 Pure Car and Truck Carriers (“PCTC”) sailing in global trade systems.

Offering safe and secure deep-sea transportation of cargo such as cars, high and heavy machinery and breakbulk, its customers include most of the leading global vehicle and equipment manufacturers. With an average carrying capacity of around 6,700 car-equivalent units (“CEU”) per vessel, the Company has the largest average vessel size and lowest emissions in the industry.
 
Höegh Autoliners is owned by Leif Höegh & Co Holdings AS (“LHC”) with 60.5%, A.P. Møller - Mærsk A/S with 38.2%, and the Company's CEO, Andreas Enger, with 1.3%. The Company has a solid history of delivering emission cuts and long-term sustainability results. Since 2008, the Company has achieved an improved carbon intensity of 37% across its fleet, putting it at the forefront of sustainable shipping and substantially ahead of the IMO 2030-target of 40% reduction.

To accelerate its green transition, expand the fleet and deliver market leading low-to-zero emission transportation services to its customers, Höegh Autoliners has launched a transformational newbuilding program. The Company has entered into a Letter of Intent (“LOI”) with China Merchants Heavy Industry (“CMHI”) to build a series of multi-fuel and ammonia ready Aurora class vessels. Under the terms of the LOI with CMHI, the first two vessels will be delivered in H2 2024 and the next two vessels in H1 2025. In addition, Höegh Autoliners has options for another four + four Aurora class vessels. With a capacity to carry up to 9,100 cars, the Aurora class will be the world’s largest and most environmentally friendly PCTCs.
 
The Offering will comprise a private placement of new shares expected to raise gross proceeds to the Company in the region of NOK 1 billion (the “Offer Shares”). The net proceeds from the Offering will primarily be used to equity finance the delivery of four Aurora class vessels.

Four cornerstone investors; LHC, KLP Kapitalforvaltning AS, Intertrade Shipping AS and Global Value Investment Corp (the “Cornerstone Investors”), have undertaken to subscribe for shares for a total amount of approximately NOK 425 million (equivalent to USD 50 million) in the Offering (of which LHC has committed NOK 250 million), subject to certain conditions and for a price per share of up to NOK 21.00, which equates to a pre-money equity value of the Company of NOK 2,766 million (equivalent to USD 325 million).

In addition to the underwriting commitments from the Cornerstone Investors mentioned above, the Company has received significant anchor interest from several international shipping sector specialists as well as other local and international generalist investors. 

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