Lima, Peru-based fishing firm Exalmar has refinanced its debt and posted its second-quarter results for 2021, including an EBITDA jump of 231 percent year-over-year to USD 72.3 million (EUR 61 million).
Pesquera Exalmar is a leading company in Peru’s fishing sector, controlling 16 percent of the market, making it Peru’s third-largest fishmeal and fish oil processing company. For indirect human consumption, Exalmar has 22 operative vessels and storage capacity of 7,078 cubic-meters, with five plants. For direct human consumption, it has six refrigerated sea water (RSW) fishing vessels and 2,589 square meters of storage capacity, with two refrigerated plants.
The company recently wrapped up debt refinancing of USD 148 million (EUR 125 million). Santander Investment Securities was the dealer manager for a tender offer directed to holders of the company’s 8 percent senior notes due in 2025, according to a company announcement. Global Legal Chronicle reported the lead arrangers and bookrunners for the refinancing included Banco Santander and Coöperatieve Rabobank, with DNB Bank ASA as the administrative agent. Other banks involved included Banco del Crédito del Perú, Banco Interamericano de Finanzas – BANBIF, and Banco Internacional del Perú.
Exalmar used the funding to repay a syndicated loan in full and to repurchase the notes tendered by holders in the tender offer, it said.
In terms of its Q2 performance, Exalmar's sales reached USD 236 million (EUR 199 million), increasing 154 percent from the same period one year before, thanks to a higher initial inventory at the beginning of the year and a 60 percent boost in processing volume, together with stable market demand for fishmeal and fish oil.
The company said that during Peru’s first fishing season of the year – which began in April and is due to close shortly – it had landed 2,467 metric tons (MT), or 98.1 percent of the 2,509 MT quota it had been assigned.
Net profits for the firm during the quarter reached USD 28.6 million (EUR 24.1 million), compared to a USD 1.8 million (EUR 1.5 million) net loss registered in the second quarter of 2020.
