Brim, the Icelandic fishing and fish processing company, has signed a EUR 220 million (USD 242 million) syndicated senior secured loan to refinance an earlier loan. The lenders consist of three international banks: global food and agribusiness bank Rabobank, Nordic-based Nordea, and Norwegian DNB.
"I am satisfied as the loan acknowledges Brim's strong balance sheet and solid operations. This 220-million-euro loan will help us restructure our finances and prepare for a technology–led future," said Guðmundur Kristjánsson, CEO of Brim.
Moreover, the company revealed that it has a five-year duration for the credit facility and will repay it over 25 years through regular installments. The sustainability-linked facility, with Rabobank acting as Sustainability Coordinator, includes key performance indicators in line with Brim's strategy and objectives. These include indicators about CO2 emissions in fisheries, in which Brim is a global pioneer.
"At Brim, we express our satisfaction with the new loan facility and the favorable terms it offers. The lenders are respected international financial institutions with extensive experience in serving the European food sector. This confirms the confidence of the international financial market in Brim´s strength and its sustainable fisheries and production," said Inga Jóna Friðgeirsdóttir, the CFO of Brim. She also announced their satisfaction with incorporating conditions for sustainable incentives. This is because many of them encompass the company's commitment to enhance value creation, reduce CO2 and improve safety globally.
Brim actively engages in fishing and processing groundfish and pelagic fish, operating units in four locations in Iceland. The company employs approximately 800 full-time employees at sea and ashore and integrates fishing, processing, and marketing operations. Moreover, the company actively promotes sustainable fisheries through innovation and environmental stewardship, emphasizing the harmony between community and profitable business.
