Bakkafrost to refinance €700 million debt

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Bakkafrost has entered into a term sheet for a sustainability-linked revolving credit facility of €700 million, with a term of five years.

According to a statement from the company, the agreement has been entered into with a syndicate consisting of the banks Rabobank, DNB and Nordea.

The company states the purpose of the facility is to refinance existing banking facilities, in addition to general business purposes including acquisitions.

The facility will have a flexible margin related to the company’s development towards certain sustainability-related targets, in line with the company’s goals and ambitions. It is also possible to increase the facility by up €150 million  during the term.

A signing of the agreement is expected during the first quarter of 2022.