Marine Harvest refinances with €425 million multicurrency revolver

By Marisa Wong

Madison, Wis., July 15 – Marine Harvest ASA said it entered into an agreement with existing lenders DNB, Nordea, Rabobank and ABN AMRO to refinance its bank facilities with a €425 million senior secured five-year multicurrency revolving credit facility.

The new credit facility includes an accordion option, which allows the company to increase the size of the revolver by up to €425 million.

The facility’s principal financial covenant is an equity ratio of no less than 35% during the term. The remaining portfolio of interest bearing debt does not include more restrictive financial covenants, the company said.

The debt does not include any scheduled amortizations.

Marine Harvest said it is pleased by the reduced interest commitments and increased financial flexibility generated by the combination of the credit facility and its previously issued €375 million convertible bond.

The seafood and salmon-farming company is based in Oslo.

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