Ice Fish Farm secures long term bank finance

Icelandic salmon farmer Ice Fish Farm has reached a long term agreement with four banks to secure a loan of €156.2m (£138m) to help take the business forward.

The company is the main salmon farmer on Iceland’s east coast and the largest in the country in terms of licence potential.

The new financing includes a €60m (£52.6m) term loan facility for the refinancing of certain existing indebtedness of the group, €20m (£17.5m) capex facility for financing of new equipment, upgrades to facilities, investments in barges, vessels and other assets, and up to €70m (£61.4m) as a revolving credit facility to refinance current biomass financing and for general corporate and working capital purposes.

It also includes a €6.2m (£5.4m) loan facility for the refinancing of certain other existing indebtedness of the group and for financing of new equipment.

The arrangement was reached with the DNB Bank, Nordea Bank Abp, filial i Norge, Arion Banki hf the and Landsbankinn hf.

Further, it is a condition for the new financing that the company raises a gross cash amount of approximately €45m (£39.5m) in new equity.

The Norwegian salmon company Måsøval Eiendom is the main shareholder in Ice Fish Farm and said last November it was exploring the possibility of taking on a strategic partner for the Iceland business.

Måsøval today announced a 2022 final quarter operational profit of NOK 43.6m (£3.5m) down from NOK 88.5m in Q4 2021.

Turnover was NOK 400.3. (£32m) in the quarter, up from NOK 393.4m (£31m) a year earlier.

The company expects to harvest 24,300 tonnes this year, an increase of just over 10% on 2022.


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