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Grieg Seafood ASA: High costs in Q2. Bond loan refinanced by bank debt. |
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The Q2 2015 results for GSF will reflect high costs, as advised in connection with the presentation of Q1 earlier this year. The performance has also been affected by lower realised prices in some markets. This situation has somewhat complex causes, as summarised in the following:
The Board is not satisfied with the company's performance trend and will revert to this in connection with the presentation of Q2 on 19 August with further information regarding implemented action and necessary measures ahead to reverse this trend. Refinancing: GSF has extended its bank credit facility by MNOK 500 from MNOK 1 410 to MNOK 1 910. This has been done in order to refinance a bond loan of MNOK 400 which matures in December this year. The covenant requirements are unchanged, and the preliminary figures for Q2 are within the required limits. Danske Bank has withdrawn from the loan syndicate, and DnB has joined it. The syndicate is thus made up of Nordea and DnB. For further information please contact: - CEO Andreas Kvame (cell phone: +47 907 71 441) This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. |
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