CMS Kluge has acted as lead counsel for P/F Bakkafrost in connection with the refinancing of P/F Bakkafrost’s existing bank facilities with a EUR 700 million five-year secured sustainability linked revolving credit facility with a consortium of banks consisting of Nordea Bank Apb, filial i Norge, DNB Bank ASA and Coöperatieve Rabobank U.A.
The facility agreement contains a sustainability-linked margin adjustment which will further promote P/F Bakkafrost’s sustainability strategy. An accordion option has been included for a potential increase of the facility by an additional EUR 150 million.
CMS Kluge’s main team in Norway consisted of partner Snorre Haukali and senior associate Ida Johanne Bohmann.
P/F Bakkafrost is the leading producer of top quality salmon from the Faroe Islands and is among the world’s largest producers of salmon. P/F Bakkafrost is listed on the Oslo stock exchange.
Certain of P/F Bakkafrost’s subsdiaries are guarantors under the new facility agreement, and CMS Kluge has been supported by our colleagues in CMS Scotland and CMS UK as well as Advokatskrivstovan in the Faroe Islands and Dunn Lambert LLC in USA.
