The Scottish Salmon Company (SSC) has secured a GBP 100 million (USD 130.4 million, EUR 117.3 million) refinancing package that will help support the business’s growth over the next five years.
The Bakkafrost subsidiary has agreed to a multicurrency revolving credit facility with Coöperatieve Rabobank U.A, DNB (UK) Limited and Nordea Bank ABPm (Filial i Norge).
“The facility provides an increased and more flexible funding package to support the company's objective for growth, as well accommodating the variability in working capital requirements of the business,” SSC said in a financial statement.
Meanwhile, according to the producer’s latest trading update, it harvested 7,900 metric tons (MT) of head-on gutted (HOG) salmon in the fourth quarter of 2019, contributing to a 2019 total of 33,800 MT, up from 29,900 MT in 2018.
Edinburgh-based SSC has 60 sites across the west coast of Scotland and Hebrides and employs more than 650 people.
Photo courtesy of the Scottish Salmon Company
