Blumar gets $300 million in new financing

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Salmon farmer renegotiates its debt.

In a letter sent to Chile’s Financial Market Commission (CMF), Blumar writes that it has rescheduled its debt with at least five banks and has been granted USD 300 million in new financing.

The salmon farmer said that it said will allocate this sum to its exports. The financing was signed with Coöperatieve Rabobank U.A., Banco de Crédito e Inversiones, Banco Santander-Chile, Banco Security and DNB Bank.

“This rescheduling and financing, which has been led by Coöperatieve Rabobank U.A and in which creditors participate in different proportions, is divided into two tranches. The first, for USD 200 million, extendable for up to a maximum period of seven years, subject to the fulfillment of certain conditions, including six-month capital repayments, with an initial grace period of two years. And the second, for USD 100 million, in the form of a compromised line of credit, for a period of three years,” wrote chairman Gerardo Balbontin.

He added that this rescheduling and financing is part of the same restructuring and financial strengthening process that led to a USD 40 million capital increase capital increase that was approved at an extraordinary general meeting of shareholders in August.

The process is expected to be completed by 30 December.