Sustainability-linked Bank Financing

Bakkafrost has a sustainability-linked bank facility with maturity in Q1 2029. The facilities include a EUR 700 million facility plus a EUR 150 million accordion option. 

The interest payable, is the reference interest rate for the respective currencies, plus a margin, the calculation of which is based on the Group’s leverage ratio. The applicable interest margin is sustainability-linked and adjusted according to Bakkafrost's performance against a set of sustainability KPI's: Survivability, Biological Feed Conversion Ratio and own production of renewable energy.

Security:

The facilities are secured in the Group’s biomass stock, farming licenses and shares in subsidiaries

Financial Covenants:

- an equity ratio of no less than 35% and

- an interest coverage ratio (EBITDA to net interest payable) of no less than 3x