Mowi to refinance with €1.8 billion sustainability-linked revolver

By Marisa Wong

Los Angeles, July 1 – Mowi ASA entered into a term sheet on Wednesday to refinance its existing bank facility with a €1.8 billion five-year senior secured sustainability-linked multicurrency revolving credit facility with DNB Bank ASA, Nordea Bank Abp, filial i Norge, Cooperatieve Rabobank UA, ABN AMRO Bank NV, Danske Bank A/S, Skandinaviska Enskilda Banken AB (publ) and Credit Agricole CIB, according to a news release.

Interest on the facility is linked to Mowi’s performance against sustainability key performance indicators that are consistent with the company’s overall ESG strategy.

The company said the sustainability-linked facility is a significant step toward its goal of 100% green or sustainable financing.

The principal financial covenant of the facility is a minimum equity ratio of 35%, and the facility includes an accordion option to increase the size of the facility by an additional €300 million.

The refinancing is subject to final documentation.

Formerly Marine Harvest ASA, Mowi is a seafood company based in Bergen, Norway.

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