Brim hf. secures EUR 220m sustainability-linked loan facility
Brim hf. secures EUR 220m sustainability-linked loan facility
Brim hf. has signed a syndicated senior secured loan facility of 220 million EUR to refinance previous loan facility. The lenders consist of three international banks: global food- and agribusiness bank Rabobank, Nordic based Nordea, and Norwegian DNB. The terms of the loan facility consist of a five-year tenor with a 25-year instalment schedule. The sustainability-linked facility – with Rabobank acting as the Sustainability Coordinator – includes key performance indicators in line with Brim´s strategy and objectives, which the company has been reporting in accordance with GRI standards since 2017. The indicators include targets in relation to CO2 emissions in fishing as Brim is a global pioneer in such reporting. The favourable financing of Brim confirms the company´s increased financial strength and a history of sound investments and prudent operations.
Inga Jóna Friðgeirsdóttir, Chief Financial Officer of Brim hf:
“We at Brim are pleased with the new loan facility and the terms we find favourable. The lenders are respected international finance institutions with extensive experience in serving the European food sector. This confirms the confidence of the international financial market in Brim´s financial strength and its sustainable fisheries and production of quality seafood. We are pleased to include terms for sustainable incentives as it supports Brim´s commitment to increasing value creation, low-carbon emission and increasing security in production and global distribution of quality seafood.”
Guðmundur Kristjánsson, Chief Executive Officer of Brim hf:
“I am satisfied as the loan acknowledges Brim’s strong balance sheet and solid operations. This 220-million-euro loan will help us restructuring our finances and prepare for technology led future. We can use our growing financial strength to execute faster our vision of prudent utilization of our fishing permits, sustainable operations, strengthening our global sales and marketing network and increasing earnings and value creation.”
Rabobank and Nordea are holding a similar top tier commitment in the new loan, followed by DNB‘s slightly smaller commitment. Islandsbanki is the agent and security agent of the loan. The three international banks are leading banks in servicing both the European and global fisheries sector. All the banks have vision and strong commitments to serve the goals of sustainable development.
Reykjavik, June 15th, 2023
