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Grieg Seafood ASA enters into a new financing agreement |
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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:
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 The NIBD/EBITDA requirement has been waived for this period and been replaced by a minimum threshold value for accumulated EBITDA for the period.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.
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