Benchmark’s $95m refinancing confirmed

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New senior secured bond issue completed.

In a financial statement on Thursday, UK genetics company Benchmark reports that it has completed a new senior secured floating rate listed bond issue of NOK 850 million (USD 95m equivalent).

The bond which matures in June 2023, has a coupon of three months NIBOR* + 5.25% p.a. with quarterly interest payments. This new bond issue will refinance Benchmark’s existing USD 90m credit facility. DNB Markets acted as Sole Bookrunner for the bond issue. As envisaged, a USD 15m RCF has been provided by DNB Bank.

The bond issue was significantly oversubscribed and marks the company’s entry into the Nordic region debt and securities market, which is globally recognised for its investment in aquaculture, providing the Company with access to a sector specialist investor base.

The settlement date for the bond issue is expected to be 21 June 2019. An application will be made for the bonds to be listed on Oslo Stock Exchange.

Benchmark CEO Malcolm Pye commented: “We are delighted to have completed this Nordic bond issue which is a testament to the strong affinity and expertise investors in the Nordic regions have for the fast-growing aquaculture sector. It also provides the Company with additional flexibility to focus on the roll-out of our priority products and operate more efficiently.”

*NIBOR – the Norwegian Interbank Offered Rate stood at 1.51% as at 12 June 2019.