Cruise co Hurtigruten raises emergency cash after replacing covenant

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Cruise co Hurtigruten raises emergency cash after replacing covenant

hurtigruten adobe stock 575x375 cruise norway
Hurtigruten cruise liner sailing on the Geirangerfjord, one of the most popular destination in Norway and UNESCO World Heritage Site. | Max Topchii - stock.adobe.com

Norwegian cruise and ferry company Hurtigruten has raised a €105m three year loan through JP Morgan and Goldman Sachs, ranking in line with its existing loans and paying 800bp. This follows an agreement on Monday to suspend the company’s leverage covenant and replace it with a cash covenant, an approach that lenders are increasingly using for companies facing sharp revenue stops.

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