Bank Financing

In Q4 2019, Bakkafrost refinanced the bank facilities for the entire Group, including The Scottish Salmon Company. The 5-year facilities included a EUR 352 million facility (plus a EUR 150 million accordion option) and a GBP 100 million facility for The Scottish Salmon Company. In 2020 the two facilities were merged into one new EUR 463 million facility agreement (plus 150 million accordion option)

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