Norway’s Havila Kystruten is scrapping a planned bond offering as investors weigh in with other refinancing options.

The Oslo-listed owner of cruise ferries has completed a €65m ($71m) private share placement and intended to raise a further €325m through a notes sale.

But it said it has now received a term sheet from an institutional investor for a “private debt solution which is deemed more attractive than the terms contemplated in the bond issue”.