Mowi chief executive Ivan Vindheim. The company has agreed a €1.8bn loan where the interest rate can vary depending on whether it meets sustainability targets. Photo: Mowi.

Mowi inks €1.8bn loan linked to sustainability

The world’s biggest salmon farmer, Mowi, today signed a €1.8 billion (£1.54bn) five-year sustainability-linked credit facility agreement with a consortium of European lenders.

Editors
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The company said interest on the loan facility – first announced at the end of June - is linked to Mowi’s performance against sustainability key performance indicators (KPIs) which are consistent with Mowi’s overall environmental, social and governance (ESG) strategy.

Mowi said the sustainability-linked facility is a significant step towards its goal of 100% green or sustainable financing.

Minimum equity ratio

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 €300 million during the term of the facility.

The lenders are DNB Bank ASA, Nordea Bank Abp, filial i Norge, Coöperatieve Rabobank U.A., ABN AMRO Bank N.V., Danske Bank A/S, Skandinaviska Enskilda Banken AB (publ) and Crédit Agricole Corporate & Investment Bank.

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