Kaldvik AS Secures Waiver and New Funding Agreement
Kaldvik AS Achieves Key Financial Milestone
Kaldvik AS, renowned as a significant player in the Icelandic salmon farming industry, has recently navigated a crucial financial process to strengthen its operation. The company has effectively initiated a waiver with its lenders regarding certain financial covenants linked to its senior bank debt facility amounting to EUR 179.9 million. This endeavor has culminated successfully, allowing Kaldvik to focus on its sustainability and growth trajectories.
Lenders Agree to Waive Financial Covenants
The company received a waiver for particular financial covenants that are crucial for its operations during the first quarter of 2025. These covenants include:
Key Covenant Adjustments
- Interest cover must remain at or above 3.0x.
- Leverage ratio should not exceed 4.5x in Q1 2025.
- A minimum liquidity threshold of EUR 10,000,000 must be maintained.
This strategic waiver facilitates Kaldvik AS to operate more flexibly, navigating through financial uncertainties while maintaining its focus on delivering premium salmon products.
Bridge Financing Agreement
In conjunction with the waiver, Kaldvik AS has successfully negotiated a bridge financing agreement with its lending institutions, which include notable banks such as Arion Bank hf., DNB Bank ASA, Landsbankinn hf., and Nordea Bank Abp. This short-term bridge facility amounts to EUR 25 million and is crucial in covering immediate liquidity needs and supporting overall corporate functions.
Security and Maturity
The Bridge Facility is secured by Heimstø AS and Ísfélag hf, key stakeholders in the company, ensuring confidence in the financial arrangement. With a maturity date set for the end of May 2025, this financing will enable Kaldvik to streamline its operations while addressing short-term obligations effectively.
About Kaldvik AS
Kaldvik AS is recognized as a leader in the salmon farming sector in Iceland. The company prides itself on managing an integrated value chain, catering to every aspect from hatchery to sales, which assures that customers receive a sustainable and premium product. Kaldvik AS is listed on both Euronext Growth Oslo and First North Iceland Growth Market, showcasing its commitment to transparency and growth.
To learn more about Kaldvik AS and its sustainable practices, visit their website for comprehensive details.
Contact Information
If you require further information or have inquiries, please reach out to:
Róbert Róbertsson, CFO of Kaldvik AS:
+354 843 0086 (mobile)
robert.robertsson@kaldvik.is
Frequently Asked Questions
What is the recent financial milestone for Kaldvik AS?
Kaldvik AS successfully received a waiver for financial covenants related to its EUR 179.9 million debt facility, allowing more operational flexibility.
How much bridge financing has Kaldvik AS secured?
The company has secured a bridge financing of EUR 25 million to meet their immediate cash flow needs.
Who are the lenders involved in the bridge financing?
Key lenders include Arion Bank hf., DNB Bank ASA, Landsbankinn hf., and Nordea Bank Abp.
How does the bridge financing benefit Kaldvik AS?
This financing enables Kaldvik AS to cover short-term liquidity needs while maintaining ongoing corporate activities effectively.
What makes Kaldvik AS a leader in the salmon farming industry?
Kaldvik AS is recognized for its fully integrated value chain, ensuring sustainability and premium quality in its products from hatchery to sales.
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