Bakkafrost has secured a new loan agreement with Nordea, which extend and
restructure its credit facilities. The new bank loan is a multicurrency
revolving credit facility for a period of five years and secures credit
facilities totalling DKK 850 million. The new facility will establish a new
margin structure depending on the net gearing ratio and provides greater
flexibility for Bakkafrost.
In addition to the DKK 850 million credit facility, the new agreement has an
accordion increase option of maximum DKK 750 million.
"This new agreement reflects the better market conditions and will improve our
cost of funding. The new agreement will strengthen Bakkafrost's financial
position and ensure sufficient financial flexibility going forward. We
appreciate our cooperation with Nordea in securing the financing of the Group",
said Gunnar Nielsen, CFO of Bakkafrost.
Key terms in the new agreement:
·
The equity ratio shall not be less than 35%.
·
The leverage ratio (NIBD/EBITDA) shall not exceed 4.5. The Company has the right
to have leverage ratio up to 6.0 for three quarters.
For further information, please contact:
Regin Jacobsen, CEO of P/F Bakkafrost: +298 23 50 01 (mobile)
Gunnar Nielsen, CFO of P/F Bakkafrost: +298 23 50 60 (mobile)
This information is subject of the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.
About Bakkafrost:
Bakkafrost is the largest salmon farmer in the Faroe Islands. The Group is fully
integrated from feed production to smolt, farming, VAP and sales. The Group has
production of fishmeal, fish oil and salmon feed in Fuglafjørður. The Group
operates licenses on 14 farming fjords. The Group has primary processing in
Klaksvík, Strendur, Kollafjørður, and secondary processing (VAP) in Glyvrar and
Fuglafjørður. The headquarter is located in Glyvrar, and the company has a total
of around 700 employees.