The Scottish Salmon Company PLC Announcement
The Scottish Salmon Company PLC (the "Company") has today successfully agreed a restructuring of its current financing with its main lender DNB Bank ASA. This change in financing allows the Company to fulfil its growth targets through 2013.
The new agreement changes the existing undrawn term loans and revolving credit facility into a new £30m revolving credit facility. The Company has also agreed a change in its gearing covenant with an adjustment of the EBITDA to NIBD covenant to Q3 2014.
In addition, the Company has agreed in principle a £5m unsecured loan from its majority shareholder Northern Link Ltd. The loan has a nominal repayment date of three years with an interest rate at 200 bps above the primary lender's rate. The loan is convertible in whole or in part into shares of the Company at the closing market price of 19th December 2012 of NOK 2.45 per share.