Reykjavik, 31 March 2025: Kaldvik AS (the "Company") has initiated a waiver process with its lenders regarding the financial covenants in its senior bank debt facility of EUR 179.9 million. This process has now been successfully concluded.
The lenders have granted a waiver of the following covenants for Q1 2025:
- The interest cover shall at all times be equal to or more than 3.0x.
- Leverage shall not exceed 4.5x in Q1 2025.
- The liquidity is maintained at minimum EUR 10,000,000.
As part of the waiver process, the Company has also reached an agreement with its current bank lenders, Arion Bank hf., DNB Bank ASA, Landsbankinn hf. and Nordea Bank Abp, filial i Norge, for a short-term bridge facility of up to EUR 25 million (the "Bridge Facility"). The Bridge Facility, which is fully guaranteed by Heimstø AS and Ísfélag hf (owners of Austur AS, main owner of Kaldvík), has a final maturity date on 31 May 2025 and shall be applied to cover short term liquidity needs and for general corporate purposes.
For further information, please contact:
Róbert Róbertsson, CFO of Kaldvik AS:
+354 843 0086 (mobile)
robert.robertsson@kaldvik.is
About Kaldvik AS
Kaldvik AS is one of the leading salmon farmers in Iceland. Kaldvik AS has a well-developed and fully integrated value-chain controlling all steps from hatchery to sales, enabling the group to provide its customers with a sustainable premium product. Kaldvik AS is dual-listed on Euronext Growth Oslo and First North Iceland Growth Market. See https://www.kaldvik.is for more information about the Company.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
