Arctic Fish secures £146m refinancing deal

Arctic Fish of Iceland has agreed a major refinancing package to help its sustainability goals and prepare the way for major expansion in the Westfjords region.

The Mowi-owned business has signed a three year agreement for an ISK 25bn (£146m) refinancing with a syndicated loan from DNB, Danske Bank, Nordea and Rabobank. There is also a possibility of increasing the facility as the business continues to grow.

Neil Shiran Þórisson, Arctic Fish’s financial director, said: “We are very pleased with the funding, which will support the company’s future focus.”

Arctic Fish said it has been developing a sustainability strategy and is working on its implementation, in accordance with international standards.

The loan is linked to the company’s sustainability goals and success in that area. Neil Shiran says this it will have a positive effect on interest rates for the future and provide great motivation for the continued good works that the company intends to support.

The banks responsible for the refinancing will be kept informed about the success of the company’s sustainability goals.

Arctic Fish is a rapidly growing salmon farming company with operations in the Westfjords region of Iceland. It owns and operates its own onshore fry farm, which is one of the most advanced in the world when it comes to water reuse and the use of clean energy sources.

The company employs more than 100 people but that figure is expected to increase by 20% before the end of the year.

Arctic Fish was acquired by Mowi from SalMar at the end of last year.