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)

    https://news.cision.com/bakkafrost/r/bakkafrost--refinancing,c3470081

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