Grieg has raised NOK 500m for investment in projects with environmental benefits. Photo: Grieg.

Grieg raises NOK 500m under green bond

Norwegian salmon producer Grieg Seafood has successfully raised NOK 500 million (£42.3m) with a “tap issue” under its existing green bond, it announced this afternoon.

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In June, Grieg raised NOK 1 billion by issuing a five-year green bond in a transaction that was significantly oversubscribed.

This morning the company, which is selling its Scottish operations to concentrate on Norway and Canada, said it would raise more money under the bond, taking it up to its green bond borrowing limit of NOK 1.5bn.

Green Bond Principles 

The senior unsecured green bond issued in June pays interest at the three-month average for the NIBOR (Norwegian Interbank Offered Rate) plus 340 basis points.

Cash raised with green bonds is used for new and existing projects with environmental benefits in line with the voluntary Green Bond Principles published in June 2018 by the International Capital Market Association (ICMA).