Benchmark Holdings to refinance $90m credit facility

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The UK aquaculture health, nutrition and genetics business today provides a trading update and announces that it has mandated DNB Markets to arrange a series of fixed income investor meetings in connection with the refinancing of its existing $90m credit facility.

Revenue of £78.3m was 3.4% ahead of H1 last year driven by growth in Genetics, Animal Health, and Knowledge Services, which more than offset lower revenues in Advanced Nutrition as a result of weakness in the global shrimp market. 

Adjusted EBITDA of £7.5m was £1.5m ahead of H1 2018.

Net debt at 31 March 2019 was £65.5m.

“Conditions in the company’s core markets are mixed with salmon benefitting from growing demand and stable prices, while in the shrimp and sea bass/bream markets, a temporary overstocking has resulted in depressed prices and a decrease in production levels amongst our customers. This volatility is not unusual in our markets and we are monitoring it closely”, Benchmark Holdings said in a press release Monday morning.

Benchmark is struggling at the London Stock Exchange. Source: Infront

“The company is making significant progress in the implementation of its programme of structural efficiencies, and overall, we expect the group to deliver broadly in line with market expectations for the full year.”

Benchmark has mandated DNB Markets to arrange a series of fixed income investor meetings in connection with the refinancing of its existing $90m credit facility. A NOK 850m (USD $95m equivalent), 4-year senior secured floating rate listed bond issue, may follow subject to inter alia market conditions. It is envisaged that the refinancing will also include a $15m RCF to be provided by DNB.