The Scottish Salmon Company PLC - Refinancing of banking facilities

The Scottish Salmon Company PLC is pleased to announce that its wholly owned subsidiary, The Scottish Salmon Company Limited, has refinanced its banking facilities with a secured GBP 55m multicurrency facility with the Bank of Scotland.

A combination of term loan and asset-based lending (ABL) facilities, the package provides an increased and more flexible funding package to support the Company's objective for growth, as well accommodating the variability in working capital requirements of the business.

The covenant package includes an interest cover ratio whereby the ratio of EBITDA to finance charges will not be less than 3:1 for quarter.

The refinancing package consists of term loans of £25m, amortising over a 5 year period and asset-based lending facilities of £30m, available over a 5 year term.