Will remedy liquidity pressure with more debt.
In a statement on the Oslo Stock Exchange on Friday morning, Grieg Seafood writes that it is contemplating a tap issue of up to NOK 500 (EUR 47 million) under the company’s existing senior unsecured green bond with maturity date 25th June 2025, subject to market conditions. The current outstanding amount is NOK 1 billion (EUR 94 million) and the borrowing limit is NOK NOK 1.5 billion (EUR 142 million).
The proceeds from the potential tap issue will be used for green projects as further defined by the Green Bond Framework.
DNB Markets and Nordea have been engaged as arrangers for the contemplated tap issue.
Grieg Seafood has been struggling in light of relatively low salmon prices. The company lost EUR 19 million on operations last quarter, and posted beforehand that may have been in breach of its loan terms.