Norwegian salmon-farming company Hofseth said it has successfully refinanced its capital structure through the issuance of EUR 300 million (USD 347 million) in green bonds.
Hofseth first announced the refinancing plan on 13 October, instructing Swedish financial services group DNB Carnegie to function as joint lead manager and green bond advisor, as well as Nordic investment bank SB1 Markets as fellow joint lead manager.
The company said the net proceeds of the bond will go toward eligible green projects “in accordance with the company's Green Financing Framework.”
On top of the EUR 300 million in bonds, the company said it also obtained approval from Sparebanken Norge for a NOK 1 billion (USD 99 million, EUR 86 million) revolving credit facility.
“This transaction represents a significant step forward to position Hofseth International for long-term sustainable growth, aligning with the company’s strategy to optimize its capital structure while supporting green investments,” Hofseth said.
Salmon companies have turned to green bonds – which was estimated in 2021 to be a market that could reach as much as USD 1 trillion (EUR 864 billion) – as a means of financing investments in infrastructure linked to sustainability.
Lerøy Seafood Group recently issued NOK 500 million (USD 49 million, EUR 43 million) in green bonds to fund projects, and earlier this year, SalMar issued NOK 4.35 billion (USD 432 million, EUR 374 million) in green bonds in January 2025 for the same reason.
Hofseth revealed in advance of releasing its full Q3 2025 results that it achieved revenue of NOK 875 million (USD 87 million, EUR 75 million) from July to August and an EBITDA of NOK 165 million (USD 16 million, EUR 14 million) in the same period. For the 12 months ending August 2025, the company said it achieved revenue of NOK 6.08 billion (USD 604 million, EUR 522 million) and an EBITDA of NOK 600 million (USD 59 million, EUR 51 million).
“Hofseth International continues to demonstrate strong operational performance and cash generation capabilities that further support the strategic refinancing,” the company said.
