Sustainability-linked Bank Financing
Bakkafrost has a sustainability-linked bank facility with maturity in Q1 2028 and an extension option of one year until Q1 2029. The facilities include a EUR 700 million facility plus a EUR 150 million accordion option.
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. The applicable interest margin is sustainability-linked and adjusted according to Bakkafrost's performance against a set of sustainability KPI's: Survivability, Biological Feed Conversion Ratio and own production of renewable energy.
The facilities are secured in the Group’s biomass stock, farming licenses and shares in subsidiaries
- an equity ratio of no less than 35% and
- an interest coverage ratio (EBITDA to net interest payable) of no less than 2x