Bakkafrost entered a bank loan (Facilities) with Nordea in March 2018. The Facilities are a senior secured five year multicurrency term and revolving credit facilities, totaling EUR 200 million. The Facilities includes an accordion increase option, which provides flexibility for the parties to agree an increased size of the Facilities by further up to EUR 200 million during the term of the Facilities.
The Facilities are secured in both 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, which is calculated based on the Group’s leverage ratio.
- an equity ratio of no less than 35% and
- an interest coverage ratio (EBITDA to net interest payable) of no less than 3x