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Marine Farms ASA On Tuesday 18th of June 2008, Marine Farms accepted a committed term sheet from DnB NOR Bank for a new NOK 240 mill multicurrency facility. This will be in addition to the NOK 510 mill multicurrency facility already in place. The plan is to sign the final agreement by the end of June 2008.
NOK 190 mill of the new facility will be subject to availability under a borrowing base, being calculated based on inventory and trade receivables. With the new facility in place at end of March 2008, the company's would have reported NOK 325 mill in total cash and available credit facilities, a NOK 85 mill increase from what was reported in the 1Q 2008 report.
The new funding results in a 10 pbs. p.a. increase in the applicable margin for Marine Farms. Given today's interest margin of 65 pbs over IBOR, the new interest cost will be 75 pbs over IBOR.
With this additional funding in place, Marine Farms should have sufficient liquidity available to fund its significant scheduled organic growth over the next few years, more than doubling production from 15,000 tonnes to 30,000 tonnes of fish.
