As communicated in the quarterly statement for the third quarter of 2011 SalMar signed a new financing agreement in 2011 with the following covenants:
- Net interest-bearing debt shall not exceed four times a rolling 12-month EBITDA. Once during the term of the agreement this ratio may be 0.25 higher for a period of two quarters.
- The Group shall maintain an equity ratio of at least 35 per cent. Once during the term of the agreement the equity ratio may be up to 5 per cent lower for a 12-month period.
The facility has a term of 5 years, with a 15-year repayment profile.
To increase the group's financial flexibility SalMar has reached the following agreement with its bank consortium regarding the covenant related to NIBD / EBITDA:
With effect from the first quarter of 2012 the NIBD/EBITA covenant will be as follows:
2012
- First quarter: 4.50
- Second quarter: 6.00
- Third quarter: 6.00
- Fourth quarter: 5.25
2013
- First quarter: 4.50
- Second quarter: 4.50
- Third quarter: 4.50
From the fourth quarter of 2013 the conditions will be reverted to the agreements original covenants.
"We are pleased that the bank consortium has helped increase the Group's financial flexibility for 2012 and 2013," says Roar Husby, CFO of SalMar ASA.
For further information:
CFO Roar Husby: Mob +47 982 06 974
IR Trond Tuvstein: Mob +47 918 53 139
CFO Roar Husby: Mob +47 982 06 974
IR Trond Tuvstein: Mob +47 918 53 139
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.