Höegh Autoliners listed on Euronext Growth

Höegh Autoliners listed on Euronext Growth
DATE 29.11.2021


Oslo, 29 November 2021: Höegh Autoliners ASA ("Höegh Autoliners" or the "Company") has today been admitted to trading on Euronext Growth in Oslo (ticker: HAUTO). Raising new equity of around NOK 1.2 bn through a private placement, which may increase by NOK 160 million following exercise of the greenshoe option, the Company is now in a position to further accelerate its green transition, expand the fleet and strengthen its market-leading low-to-zero emission transportation services to its customers.

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.

A total of 57,500,000 new shares have been issued. The offering attracted strong interest from high-quality investors and was multiple times oversubscribed. The main owner Leif Höegh & Co Holdings AS holds 48.4% following the listing, assuming that the greenshoe option is not exercised.

“Today, Höegh Autoliners reached a significant milestone in its continued strategic development, thanks to the great efforts by the whole organisation. This opens the next exciting chapter for the Company where we further strengthen our service offering and continue to lead the way towards a net zero emissions future for our industry”, said Leif O. Høegh, Höegh Autoliners Chair.

“Listing on Euronext Growth represents a strong vote of confidence in the Company’s long-term commitment and robust business model. I would like to thank our people, customers, investors, and partners for contributing to our success. The funds raised will enable us to accelerate our path to zero, expand the fleet and strengthen our market position in delivering low-to-zero emission transportation services to customers”, said Höegh Autoliners Chief Executive Officer, Andreas Enger.

Höegh Autoliners has a solid history of emission cuts and long-term efforts to combat climate change. The Company has since 2008 achieved an improved carbon intensity of 37% in its fleet. This has put Höegh Autoliners at the forefront of sustainable shipping in the deep-sea RoRo segment and close to meeting the IMO 2030 target of a 40% reduction already.

Earlier in 2021, Höegh Autoliners launched its zero carbon-ready Aurora Class design. The 9,100-car equivalent unit vessel will be the world’s largest and most environmentally friendly car carrier. The Company has entered into a Letter of Intent (LoI) with China Merchants Heavy Industry to build a series of these vessels. The Aurora class has DNV’s new “ammonia ready” notation, which makes it the first in the segment to be ready for operation on carbon-neutral ammonia. The vessel is designed with future cargo in mind. Its strengthened decks and enhanced internal ramp systems enable Electric Vehicles on all decks and provide more flexibility for heavier project cargo.

Following the successful private placement and listing, Höegh Autoliners has secured equity financing for the first four Aurora Class vessels. Under the terms of the LoI, the vessels will be delivered the second half of 2024 and the first half of 2025, putting the Company in the forefront of sustainable transportation and enhanced cargo capability.

“We are accelerating our decarbonisation efforts to meet our net zero emissions target by 2040. Together with our customers and trusted partners, we will make a significant contribution to a more sustainable maritime industry,” concludes Andreas Enger.

For further information, please contact:

Safia Reddy, Head of Communications
+47 400 39 857

Important Notice:

These materials do not constitute or form a part of any offer of securities for sale or a solicitation of an offer to purchase securities of Höegh Autoliners ASA in the United States or any other jurisdiction. The securities of the Company may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"). The securities of the Company have not been, and will not be, registered under the U.S. Securities Act. Any sale in the United States of the securities mentioned in this communication will be made solely to "qualified institutional buyers" as defined in Rule 144A under the U.S. Securities Act. No public offering of the securities will be made in the United States.

In any EEA Member State, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the EU Prospectus Regulation, i.e., only to investors who can receive the offer without an approved prospectus in such EEA Member State. The expression "EU Prospectus Regulation" means Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 (together with any applicable implementing measures in any Member State).

In the United Kingdom, this communication is only addressed to and is only directed at Qualified Investors who (i) are investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the "Order") or (ii) are persons falling within Article 49(2)(a) to (d) of the Order (high net worth companies, unincorporated associations, etc.) (all such persons together being referred to as "Relevant Persons"). These materials are directed only at Relevant Persons and must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this announcement relates is available only to Relevant Persons and will be engaged in only with Relevant Persons. Persons distributing this communication must satisfy themselves that it is lawful to do so.

This statement contains certain forward-looking statements concerning future events, including possible issuance of equity securities of the Company. Forward-looking statements are statements that are not historical facts and may be identified by words such as "anticipate", "believe", "continue", "estimate", "expect", "intends", "may", "should", "will" and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Actual events may differ significantly from any anticipated development due to a number of factors, including without limitation, changes in investment levels and need for the Company's services, changes in the general economic, political and market conditions in the markets in which the Company operates, the Company's ability to attract, retain and motivate qualified personnel, changes in the Company's ability to engage in commercially acceptable acquisitions and strategic investments, and changes in laws and regulation and the potential impact of legal proceedings and actions. Such risks, uncertainties, contingencies and other important factors include, but are not limited to, the possibility that we will determine not to, or be unable to, issue any equity securities, and could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements.

The information, opinions and forward-looking statements contained in this announcement speak only as at its date and are subject to change without notice. Each of the Company, the Managers and their respective affiliates expressly disclaims any obligation or undertaking to update, review or revise any statement contained in this announcement whether as a result of new information, future developments or otherwise.

The Managers are acting exclusively for the Company and no one else and will not be responsible to anyone other than the Company for providing the protections afforded to their respective clients, or for advice in relation to the contents of this announcement or any of the matters referred to herein. Neither the Managers nor any of their respective affiliates makes any representation as to the accuracy or completeness of this announcement and none of them accepts any responsibility for the contents of this announcement or any matters referred to herein.

This announcement is for information purposes only. It is not intended as investment advice and under no circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to buy any securities or a recommendation to buy or sell any securities of the Company. Neither the Managers nor any of their respective affiliates accepts any liability arising from the use of this announcement.

Certain figures contained in this document, including financial information, may have been subject to rounding adjustments. Accordingly, in certain instances, the sum or percentage change of the numbers contained in this document may not conform exactly with the total figure given.

The distribution of this announcement and other information may be restricted by law in certain jurisdictions. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions. Specifically, neither this announcement nor the information contained herein is for publication, distribution or release, in whole or in part, directly or indirectly, in or into or from the United States (including its territories and possessions, any State of the United States and the District of Columbia), Australia, Canada, Hong Kong, Japan or any other jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction. The publication, distribution or release of this announcement may be restricted by law in certain jurisdictions and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

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