Nova Austral increases credit facility with DNB

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Chilean Antartic salmon farmer secures larger loan.

The farming company owned by the private equity companies Altor and Bain Capital is now able to increase its firepower thanks to an increased loan, according to Hegnar.no.

Nova Austral entered into an agreement with DNB to increase the size of a credit facility from USD 30 million to USD 50 million.

The company raised USD 300 million through the issue of a four-year bond loan in the Nordic market in the summer of 2017. Arctic Securities, DNB Markets and Pareto Securities all contributed to the loan.

The funds will support the company to complete a new hatchery which will be ready to deliver smolt in the fourth quarter of 2019.

Nova Austral expects to produce 30-32 thousand tonnes of salmon this year, which is in line with previous guiding.