Bakkafrost has today entered into a term sheet for a sustainability-linked EUR
700 million multicurrency revolving credit facility with a tenor of five years
(the "Facility").
The purpose of the Facility is to refinance Bakkafrost's existing bank
facilities as well as general corporate purposes including acquisitions. The
facility will serve as a robust and flexible financial framework for the Group's
investment plans aimed at significant organic growth for the Group and
structural cost reductions in Scotland, as described at the Capital Markets Day
earlier this year.
Bakkafrost is pleased by the increased financial flexibility and generally
improved terms under the Facility. The margin payable will be linked to
Bakkafrost's performance against certain sustainability KPIs, consistent with
the Group's overall ESG targets and ambitions. The Facility includes flexibility
for the parties to agree an additional amount of up to EUR 150 million during
the tenor. The principal financial covenants of the Facility are; (1) an equity
ratio of no less than 35% and (2) an interest coverage ratio (EBITDA to net
interest payable) of no less than 2x.
Coöperatieve Rabobank U.A, DNB Bank ASA and Nordea Bank ABPm (Filial i Norge),
have agreed to continue their support as lenders. These fine institutions are
uniquely positioned to support Bakkafrost's continued development with capital
and through their unique combined pool of skills and capabilities.
The Facility is subject to the signing of a facility agreement, which is
expected during Q1 2022.
For further information, please contact:
· Regin Jacobsen, CEO of P/F Bakkafrost: +298 235001 (mobile)
· Høgni Dahl Jakobsen, CFO of P/F Bakkafrost: +298 235060 (mobile)