January 25, 2018 / 7:25 AM / a year ago

BRIEF-Bakkafrost agrees EUR 200 mln credit facility

Jan 25 (Reuters) - P/F Bakkafrost:

* ‍AGREEMENT TO REFINANCE ITS EXISTING BANK FACILITIES AND ITS OUTSTANDING NOK 500M BOND, WHICH HAS A MATURITY DURING Q1 2018, WITH A SENIOR SECURED FIVE YEAR EUR 200M CREDIT FACILITY WITH ITS EXISTING LENDER NORDEA​

* ‍FACILITY INCLUDES AN ACCORDION INCREASE OPTION, WHICH PROVIDES FLEXIBILITY FOR PARTIES TO AGREE AN INCREASED SIZE OF FACILITY BY FURTHER UP TO EUR 200 MILLION​

* ‍PRINCIPAL FINANCIAL COVENANTS OF FACILITY ARE; (1) AN EQUITY RATIO OF NO LESS THAN 35% AND (2) AN INTEREST COVERAGE RATIO (EBITDA TO NET INTEREST PAYABLE) OF NO LESS THAN 3X​

* ‍PLEASED BY REDUCED TOTAL INTEREST COMMITMENTS IN CONNECTION WITH REFINANCING AND INCREASED FINANCIAL FLEXIBILITY​

* ‍FACILITY IS SUBJECT TO SIGNING A FACILITY AGREEMENT, WHICH IS EXPECTED TO TAKE PLACE DURING Q1 2018​ Source text for Eikon: Further company coverage: (Reporting By Terje Solsvik)

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