The Kingfish Company has entered into a Senior Facilities
Agreement with P Capital Partners AB for a five-year ESG-linked €75
million bilateral debt facility.
“With funding secured to reach 3,500 tonnes annual capacity in The Netherlands, we are now funded to reach group-level profitability, placing us in a comfortable position to optimize growth capital for further buildout in the US and the EU and continue to deliver on our expansion plan”, said Ohad Maiman, CEO of The Kingfish Company.
The facility has a variable interest margin ratchet, where the actual interest rate depends on performance relative to the company’s ESG targets. The net proceeds from the facility will be used to repay existing debt, finance remaining capital expenditures related to phase 2A and 2B at the Netherlands facility, and fund working capital. The facility also includes an uncommitted facility of €37.5 million to finance part of the capital cost for a future phase 3 build-out in the Netherlands.
“Following constructive dialogues with banks and financial investors and several potential financing indications, we are pleased to partner with PCP to fund our ongoing growth in Europe. PCP is a strong financial partner, highly knowledgeable in the aquaculture sector, and their funding is a testament to our solid operational delivery”, Ohad Maiman said.
”PCP has been active in funding the sustainability transition of the economy for years. Onland aquaculture will play a key role in sustainable protein production globally. We are excited to be partnering with an industry leader such as The Kingfish Company." Daniel Sachs, CEO, P Capital Partners AB.
Arctic Securities AS acted as sole financial advisor and broker in conjunction with the facility.