Grieg Seafood ASA: Successful placement of perpetual green hybrid bond

Grieg Seafood ASA (“the “Company”) has successfully completed a new perpetual green hybrid bond issue of NOK 2,000m with first call date after 4 years and a coupon of 3 months NIBOR + 575bps. The transaction attracted strong interest.

Net proceeds from the bond issue will be used for green projects as further defined by the Green Bond Framework, including by way of refinancing existing debt originally incurred to finance such green projects. The hybrid bond will be accounted for as equity in the balance sheet and constitute subordinated obligations for the Company.

The hybrid bond strengthens Grieg Seafood’s liquidity, equity, and financial flexibility to pursue its ambitions for further investments and development of the Norwegian fish farming assets while protecting the values and optionality in the Canadian asset base.

Both Rogaland and Finnmark entered 2025 close to MAB capacity, with combined harvest volumes expected to increase by 13% from 2024 to 2025. The main priority is to restore profitability in Finnmark, and to improve profitability towards the Rogaland benchmark levels supported by increased post-smolt capacity.

Arctic Securities, DNB Markets and Nordea acted as joint bookrunners, and DNB Markets and Nordea as green bond advisors, in connection with the placement of the new hybrid bond issue.

An application will be made for the bonds to be listed on Oslo Stock Exchange.
 
For further enquiries, please contact:
Magnus Johannesen, CFO
Cell phone +47 959 13 243
 
About Grieg Seafood:
Grieg Seafood ASA is one of the world's leading salmon farmers. Our farms are in Finnmark and Rogaland in Norway, and British Columbia as well as Newfoundland in Canada. Our headquarter is located in Bergen, Norway. Grieg Seafood ASA was listed at the Oslo Stock Exchange in June 2007.
Sustainable farming practices are the foundation of Grieg Seafood's operations. The lowest possible environmental impact and the best possible fish welfare is both an ethical responsibility and drive economic profitability.
To learn more, please visit www.griegseafood.com

The information is publicly disclosed in accordance with section 5-12 of the Norwegian Securities Trading Act. The stock exchange announcement was published by May Hansen, Administrative Secretary, Grieg Seafood Group ASA, on 27 February 2025 at 7:03 p.m. CET.