SalMar ASA has entered into a new loan agreement with Nordea og Den Norske Bank (DNB) which extend and restructure its existing credit facilities.
The agreement is for a period of five years and secures credit facilities totaling NOK 5 billion (USD 812 million, EUR 597 million). The credit facilities comprise a term loan facility of NOK 1 billion (USD 162.3 million, EUR 119.3 million) an investment/acquisition facility of NOK 2 billion (USD 325 million, EUR 239 million), and a revolving credit facility of NOK 1.5 billion (USD 244 million, EUR 179 million). A further agreement has been entered into for an overdraft facility of up to NOK 500 million (USD 81 million, EUR 60 million), renewable annually.
“The terms reflect that the selected banks have confidence in SalMar,” the company said.
The financial covenants state that the equity should not be less than 35 percent and NIBD/EBITDA ratio shall not exceed 4.5. The company has the right to have NIBD/EBITDA of up to 6.0 for three quarters.
