Commitment for bank financing increased to NOK 825 million as SpareBank 1 SMN steps into consortium

20 June 2023

Reference is made to the stock exchange notice dated 13 June 2023, where Andfjord Salmon AS (“Andfjord Salmon” or the “Company”) shared the details of the NOK 700 million bank loan secured from SpareBank 1 Nord-Norge and SpareBank 1 SR-Bank (with support from Eksfin).

The Company is pleased to announce that SpareBank 1 SMN has today confirmed their commitment to take part in the bank consortium, increasing the total lending commitment to NOK 825 million (the “Construction Loan”). Such increase will replace the NOK 125 million allowance for the leasing facility in the loan documentation. Other key terms of the Construction Loan are unchanged from Andfjord Salmon’s capital markets update on 13 June 2023.  

As part of this upcoming construction stage, the Company is planning to establish major infrastructure such as waterways and port area to support 40,000 tonnes of production at Kvalnes with further expansion investments towards full production capacity planned to follow in sequence. 

CONTACTS

Investors: Bjarne Martinsen, CFO, Andfjord Salmon AS, +47 975 08 345, bjarne.martinsen@andfjord.no

Media: Martin Rasmussen, CEO, Andfjord Salmon AS, +47 975 08 665, martin@andfjord.no

ABOUT ANDFJORD SALMON

Located at Kvalnes on the island of Andøya on the Arctic Archipelago of Vesterålen, Norway, Andfjord Salmon has developed an innovative and sustainable aquaculture concept for land-based farming of Atlantic salmon, based on a flow-through technology solution. The company's ambition is to build the world's most sustainable and fish-friendly aquaculture facility of its kind.

Andfjord Salmon AS is listed on Euronext Growth under the ticker ANDF.