Grieg Seafood signs NOK 3.2 billion sustainability-linked facility

By William Gullotti

Buffalo, N.Y., Feb. 9 – Grieg Seafood ASA entered into a NOK 3.2 billion five-year senior secured sustainability-linked credit facility with DNB Bank ASA and Nordea Bank to refinance its existing bank facilities, according to a notice on Wednesday.

The facility consists of a NOK 750 million term loan, a €75 million term loan and a NOK 1.5 billion revolver. The company also has access to a NOK 200 million overdraft facility.

The only financial covenant governing the facility requires the company to maintain a minimum equity ratio of 31%, excluding IFRS 16 effects.

“The new debt structure will secure the long-term financing of our ongoing operations and at the same time reduce the company's financial costs,” remarked Andreas Kvame, Grieg’s chief executive officer.

Grieg is a Bergen, Norway-based seafood company.

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