Land-based fish farmer Atlantic Sapphire has secured extra liquidity for construction loans.
“Atlantic Sapphire has today entered into an additional three-month credit facility in an aggregate amount of up to $25 million with DNB Capital as lender, as a next step towards a fully financed US Phase 2 construction project,” the company said in a statement on Thursday evening.
The loan facility must be repaid within three months of the company entering into the loan agreement or in the event of a default. It will be secured by a second priority security interest and lien on all assets and equity interests held by the company and the borrower. The loan facility includes covenants in line with the group’s existing credit facilities at DNB.
The short-term loan immediately provides funds and secures additional liquidity for the company, while the details of the overall long-term financing are being finalized.