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Grieg Seafood ASA enters into a new financing agreement

Today Grieg Seafood ASA has entered into a new financing agreement which replaces a 200 MNOK loan obtained Q4, 2011. The new financing agreement provides a cash position between 400 and 450 MNOK, and consists of:

  1. MNOK 300 second priority. An interest-only loan to be renewed annually. Guaranteed by Grieg Holdings AS.
  2. MNOK 72 exempt from payment in 2012.
  3. MNOK 50 - 80 from Ocean Quality AS' factoring agreement. This will reduce Grieg Seafood's working capital requirements accordingly.  The cash effect will fluctuate between 50 to 80 MNOK depending on seasonal demand. Ocean Quality is legally defined as a joint venture company in Grieg Seafood, and thereby not consolidated in the Grieg Seafood Group.

The covenants imposed upon Grieg Seafood have been changed for 2012 and 2013. The NIBD/EBITDA requirement has been waived for this period and been replaced by a minimum threshold value for accumulated EBITDA for the period. Additionally the equity-to-asset ratio of the company can be reduced from minimum 35% to minimum 33% for a quarter providing that the minimum level of 35% is re-established the subsequent quarter.

The guarantee from Grieg Holdings is charged Grieg Seafood according to market rates.


For further information, please contact:

- CEO Morten Vike (cell phone: +47 994 911 65)
- CFO Atle Harald Sandtorv (cell phone: +47 908 45 252)


This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)