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A Bakkafrost site in the Faroes. The company has now extended its reach to Scotland, and has secured new credit arrangements to help pay the purchase of SSC. Photo: Bakkafrost.
A Bakkafrost site in the Faroes. The company has now extended its reach to Scotland, and has secured new credit arrangements to help pay the purchase of SSC. Photo: Bakkafrost.

The Scottish Salmon Company’s new owner, Bakkafrost, today announced that it had signed agreements for two fully secured five-year credit facilities together worth €352 million.

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Faroese salmon farmer Bakkafrost said the purpose of the agreements is to refinance its existing bank facilities, to partly fund the purchase of SSC and to secure “robust, flexible and long-term financing to match the group’s ambitions for organic and strategic growth”.

The credit facilities will comprise a €95m multicurrency term loan facility and a €257m multicurrency revolving loan facility and allow for a future increase of the facilities of up to €150m subject to agreement with lenders.

Members of the group providing the loans include Coöperatieve Rabobank U.A, DNB Bank ASA and Nordea Bank ABPm (Filial i Norge).

Mandatory offer

Bakkafrost owns more than 80% of the stock in Edinburgh-headquartered SSC’s Jersey-based parent company and has made a mandatory offer for the outstanding shares.

SSC chief executive Craig Anderson is among so-called primary insiders who have agreed to accept the offer for their shares.

Bakkafrost chief executive Regin Jacobsen has previously said that the company wants to grow bigger smolts in Scotland and intends to build a large recirculating aquaculture system hatchery to replace SSC’s 12 freshwater sites.

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