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Nova Austral seeks $300 million bond issue

The company is looking to pay a dividend to owner Altor and Bain Capital.

Chilean salmon farmer Nova Austral is seeking to raise $300 million (€268.5 million) through a bond issue with DNB Markets, Pareto Securities and Arctic Securities, according to reports in Finansavisen.

The loan will partly be used to fund a $205 million (€183.5 million) dividend payment to owners Altor and Bain Capital.

Altor and Bain acquired feed giant Ewos – at that time parent company of Nova Austral -- in 2013, and retained Nova Austral once Ewos was acquired by Cargill.

According to Finansavisen, Nova Austral has increased harvest volumes from 9,000 metric tons in 2014 to 25,000 metric tons in 2016.

The company expects to make $224 million (€200.5 million) in turnover this year, which is expected to yield a gross profit of $88.6 million (€79.3 million).


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