Andfjord Salmon to raise a billion kroner
Norway’s Andfjord group is planning to raise more than a billion kroner (around £72m) through a possible new share issue and the sale and leaseback of part of its port facility in Kvalnes on Andøya.
The land-based salmon farmer disclosed its two stage plan yesterday in an announcement to the Oslo Stock Exchange.
Andfjord said it intends to raise gross proceeds of between NOK 600 to 650m (£42m to £46m) in a private placement.
A further NOK 400m (£28.5m) will be raised through the sale and leaseback of the port infrastructure at Kvalnes, where it is developing on a land salmon farm.
The company said it has engaged ABG Sundal Collier ASA, Arctic Securities AS and SpareBank 1 Markets AS as joint bookrunners in connection with a private placement.
The price per offer share in the Private Placement and the final number of offer shares to be issued will be determined by the company’s board of directors, in consultation with the Managers, on the basis of an accelerated bookbuilding process.
The announcement added: “The net proceeds from the Private Placement will be used for advancement of the Company’s Phase 2 construction at Kvalnes, optimisation of fish logistics for improved production output, preparations for adherence to expected regulatory changes, as well as general corporate purposes.”
The company also says it has made significant progress at its Kvalnes land based facility. In a business update it revealed it has signed a term sheet for a sale and leaseback agreement of its Kvalnes harbour area infrastructure for approximately NOK 400m (around £28m).
It is now planning for immediate start of Phase 2a construction which will allow Andfjord Salmon to benefit from construction synergies due to the continuous process across phases, e.g., through the retention of personnel and use of equipment already on-site, optimizing the resource usage and accelerate execution time.
Andfjord Salmon has also signed a term sheet for the sale part of the Kvalnes harbour area to Asset Buyout Partners, valued at approximately NOK 400m (£28m).
The transaction is expected to have a positive cash effect of over NOK 200m, with NOK 200m from the proceeds allocated to repaying the original loan.
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