New loan with different banks.
Mowi entered into a term sheet to refinance its existing bank facility with a EUR 1.8 billion five-year senior secured sustainability-linked multicurrency revolving credit facility.
The loan was signed with with DNB, Nordea, Rabobank, ABN AMRO, Danske Bank, SEB and Crédit Agricole Corporate & Investment.
“Interest on the facility is linked to Mowi’s performance against sustainability KPIs which are consistent with Mowi’s overall ESG strategy, and the sustainability-linked facility is a significant step towards Mowi’s goal of 100 perp-cent green or sustainable financing,” wrote Mowi in a statement on the Oslo Stock Exchange on Wednesday.
The principal financial covenant of the facility is a minimum equity ratio of 35 per-cent, and the facility includes an accordion increase option which provides flexibility for the parties to agree to increase the size of the facility by an additional EUR 300 million during the term of the facility.