Andfjord Salmon completes $75 million bond issue to fund Kvalnes expansion.
Land-based producer Andfjord Salmon has successfully completed a NOK 750 million ($74.25 million/€65.25 million) senior secured bond issue to support the company’s expansion at its Kvalnes site on Andøya.
The three-year bond was issued at 98 percent of par value, with a margin of 950 basis points. Net proceeds will be directed toward investments and associated working capital for scaling production capacity at Kvalnes, where the company aims to reach an estimated 17,000 tonnes in annual output, starting September 2025.
Arctic Securities acted as Sole Global Coordinator and Joint Bookrunner, with Nordea and SpareBank 1 Markets serving as Joint Bookrunners.
CEO Martin Rasmussen said the successful issue reflects investor confidence in the company’s long-term value potential: “We are pleased to see substantial investor interest across both debt and equity markets. With production set to recommence following a two-year construction period, we remain committed to delivering value for all stakeholders.”
An application will be submitted to list the bonds on the Oslo Stock Exchange and the Frankfurt Open Market.