Salmon Evolution lands new loan package with Nordea. Has €68 million in bank debt

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Financing of purchases of smolt farmers takes place on “favorable commercial terms”

Salmon Evolution has secured €5 million in bank loans related to the acquisition of the smolt producer Kraft Laks.

“The company is pleased to announce that it has now entered into binding agreements with Nordea on bank debt financing of up to NOK 52 million on favorable commercial terms, which reflects Kraft Laks solid operational and financial results,” the land-based salmon farmer wrote in a stock exchange announcement on Wednesday morning.

The bank debt financing is divided over three separate facilities and will be used as follows:

  • General corporate purposes, including financing of working capital
  • Investments related to plant upgrades
  • Refinancing of existing seller credit of NOK 25 million (€2.5 million) with previous owners of Kraft Laks

During 2021, Salmon Evolution has accumulated NOK 677 million (€68 million) in bank debt. The company is currently building its first fish farm on land on Indre Harøy in Møre og Romsdal in Norway.

Salmon Evolution’s plant on Indre Harøy. Photo: Salmon Evolution