With reference to the stock exchange announcement of 3 November 2021.
Nordic Halibut AS (NOHAL) is pleased to announce that it has signed a NOK 100 million overdraft facility agreement with Sparebank 1 SR-Bank at attractive terms. As a consequence, the previous long term debt facility and overdraft facility will be repaid in full. The new overdraft facility will strengthen NOHAL`s free liquidity and will be used to finance the planned growth in biomass.
– We appreciate the excellent cooperation and support by our new strategic partner, Sparebank 1 SR-Bank. Together we will realize the huge potential that lays in producing sustainable superfood at an industrial scale, says CEO Edvard Henden.
The facility also includes uncommitted options that will be released in tranches aligned with the planned growth in biomass. The new debt instrument will significantly ease the equity share of the working capital requirement towards 4.500 tonnes HOG in 2026. The principal financial covenant of the facility is a minimum equity ratio of 30%.
– With the completion of this dynamic and performance linked overdraft facility, NOHAL has the necessary flexibility and financial headroom to realize the growth-plan of 9.000 tonnes HOG within 2030, and at the same time pursue strategic accretive growth options that will support or advance the communicated business plan, says CEO Edvard Henden.