Salmon giant Mowi agrees €2.6 billion loan facility with seven banks
Interest rate is linked to fish farmer's sustainability performance
The world’s biggest salmon farmer, Mowi, today announced the signing of a €2.6 billion (£2.22bn) five-year sustainability-linked multicurrency revolving credit facility agreement with DNB, Nordea, Rabobank, ABN AMRO, Danske Bank, SEB, and Crédit Agricole. The facility will be used to refinance existing bank debt and for general corporate purposes.
The principal financial covenant of the facility is a minimum equity ratio of 35%, and the facility includes an accordion increase option which provides flexibility for the parties to agree to increase the size of the facility by an additional €400 million during the term of the facility.
Mowi, which farms Atlantic salmon in Norway, Scotland, Ireland, the Faroes, Iceland, Canada, and Chile, said the credit facility supports its goal of 100% green or sustainable financing. Interest on the facility is linked to Mowi's performance against sustainability key performance indicators which are consistent with Mowi's overall ESG (environmental, social and governance) strategy.
