The Vice President of Salmones Camanchaca, Ricardo García Holtz (center, wearing a salmon-colored tie), alongside the other participants in the signing.
Photo: Salmones Camanchaca.
Salmones Camanchaca announced that it has secured the backing of three renowned international banks for its long-term refinancing. The agreement signed with DNB Bank ASA, Cooperative Rabobank U.A., and Banco Santander-Chile involves an extension of the terms and an improvement in financial costs for the Chilean salmon farming company, in a transaction worth up to USD 140 million.
According to information provided, the agreed margin or spread on the 6-month SOFR rate will fluctuate between 2.40% and 3.90% per annum, depending on debt indicators. Thus, given that Salmones Camanchaca has been reducing its debt for a year and its current levels are less than twice its EBITDA, the financing begins with the lowest spread of 2.40% per annum.
Camanchaca's salmon subsidiary interprets the extension of terms, with a single capital repayment in 2030, and the reduction in financial costs as signs of confidence and optimism that are projected not only for the future of the company itself, but also for salmon farming in Chile.
"The signing of the refinancing agreement reflects the confidence of international banks in the strength of Salmones Camanchaca and the potential of the Chilean salmon industry," read the statement, which also mentions that the refinancing will serve to strengthen the company's financial position and continue investing in efficiency, innovation, and sustainability.
"This renewed backing from world-class banks and industry experts confirms that Chilean salmon has solid foundations and a favorable outlook for development and contributing to the country," claimed Ricardo García Holtz, Vice President of Salmones Camanchaca.
"Despite ideological campaigns and regulatory exuberance that have hampered our competitiveness, the financial market's confidence that this sector plays a leading role in global food security remains," he continued.
García Holtz thus echoed his conclusions in the H1 2025 results' presentation of the parent company, Camanchaca, when he stated that the main challenge facing the entire Chilean industry will be the salmon farming regulations and fisheries legislation, both driven by the current government.
Despite recording revenues 5% lower than in the first half of 2024, the Chilean seafood company's financial results showed a 13% increase in EBITDA, reaching USD 81 million.
Behind this strong figure is an increase in its mussel division, which grew from USD 400,000 to USD 3.6 million, but above all, a 67% increase in EBITDA in its salmon division, which reached USD 21 million.
