Atlantic Sapphire gets commitment for $210 million credit facility

By Sarah Lizee

Olympia, Wash., March 16 – Atlantic Sapphire AS entered into a committed term sheet with DNB for a $210 million senior secured credit facility, according to a press release.

The facility is comprised of a $180 million term loan and $30 million revolver.

The proceeds will be used to refinance the company’s outstanding debt, which includes a $54 million term loan and $15 million revolver, finance the expansion of its Bluehouse facilities in the United States and increase liquidity as well as provide working capital for the company’s Danish and U.S. operating subsidiaries.

The facility will initially have an 18-month term with an 18-month extension option upon meeting some conditions.

Closing is expected in the second quarter and is subject to the satisfaction of various conditions.

Atlantic Sapphire is a Langsand, Denmark-based company that produces land-raised salmon in Bluehouse facilities.

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