P/F Bakkafrost logo

BAKKAo - P/F Bakkafrost News Story

NOK731.2 0.0  0.0%

Last Trade - 07/05/21

Sector
Consumer Defensives
Size
Large Cap
Market Cap £3.53bn
Enterprise Value £3.80bn
Revenue £529.9m
Position in Universe 163rd / 1832

BRIEF-Bakkafrost agrees EUR 200 mln credit facility

Thu 25th January, 2018 7:16am
Jan 25 (Reuters) - P/F Bakkafrost  BAKKA.OL : 
    * AGREEMENT TO REFINANCE ITS EXISTING BANK FACILITIES AND 
ITS 
OUTSTANDING NOK 500M BOND, WHICH HAS A MATURITY DURING Q1 2018, 
WITH A SENIOR SECURED FIVE YEAR EUR 200M CREDIT FACILITY WITH 
ITS EXISTING LENDER NORDEA 
    * FACILITY INCLUDES AN ACCORDION INCREASE OPTION, WHICH 
PROVIDES 
FLEXIBILITY FOR PARTIES TO AGREE AN INCREASED SIZE OF FACILITY 
BY FURTHER UP TO EUR 200 MILLION 
    * PRINCIPAL FINANCIAL COVENANTS OF FACILITY ARE; (1) AN 
EQUITY 
RATIO OF NO LESS THAN 35% AND (2) AN INTEREST COVERAGE RATIO 
(EBITDA TO NET INTEREST PAYABLE) OF NO LESS THAN 3X 
    * PLEASED BY REDUCED TOTAL INTEREST COMMITMENTS IN 
CONNECTION 
WITH REFINANCING AND INCREASED FINANCIAL FLEXIBILITY 
    * FACILITY IS SUBJECT TO SIGNING A FACILITY AGREEMENT, 
WHICH IS 
EXPECTED TO TAKE PLACE DURING Q1 2018 
 
Source text for Eikon:  urn:newsml:reuters.com:*:nObinkS2Ca 
Further company coverage:  BAKKA.OL  
 
 (Reporting By Terje Solsvik) 
 ((terje.solsvik@thomsonreuters.com;))
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