Bank Financing

Bakkafrost entered a bank loan (facilities) agreement with Nordea in March 2018. The facilities are a senior secured, five-year multicurrency term facility and revolving credit facilities, totalling EUR 200 million. The facilities include an accordion increase option. This provides flexibility for the parties to agree on an increase in the size of the facilities, by up to a further EUR 200 million, during the term of the facilities.

The facilities are secured in the Group’s property, plants and other fixed assets, as well as stock and farming licenses.

The interest payable, is the reference interest rate for the respective currencies, plus a margin, the calculation of which is based on the Group’s leverage ratio.

 

Financial Covenants:

- an equity ratio of no less than 35% and

- an interest coverage ratio (EBITDA to net interest payable) of no less than 3x