Faroese salmon giant Bakkafrost signed a binding agreement to secure a €352 million ($389 million) loan package for the next five years in order to fund the Scottish Salmon Company (SSC) deal, refinance existing bank facilities, and to secure more growth in the future.
The credit facility is composed of a €95 million ($105 million) multicurrency term loan and a €257 million ($284 million) multicurrency revolving loan.
The facilities can increase an additional €150 million ($166 million), if lenders agree.
The banks running the facility include Cooperatieve Rabobank, DNB and Nordea Bank.
Last week, Bakkafrost's share offering closed with 1.87 million orders -- over 1 million more shares than the company planned to issue.
In October, Bakkafrost announced it completed the acquisition of 133,125,109 shares of SSC from Northern Link for NOK 3.76 billion (€374.2 million/$411.1 million) or NOK 28.2 (€2.80/$3.10) per share.
The company then announced in November its final offer price for common shares will be NOK 28.25 (€2.80/$3.10).
