Atlantic Sapphire secures $35 million through convertible loan.
Atlantic Sapphire has conditionally allocated participations in a $35 million convertible loan following the completion of a private placement.
The financing package, which also includes amendments to the company’s credit facility with DNB Bank, is expected to cover capex and operations until Atlantic Sapphire’s Phase 1 facility reaches EBITDA break-even.
The loan is subject to approval at an extraordinary general meeting (EGM) and other customary conditions. Terms were set out in notices issued on 31 August and 9 September.
Primary insiders and related parties have committed to a significant share of the loan:
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Strawberry Capital AS, linked to chairman Kenneth Andersen, $3.4 million
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Nordlaks Holding AS, linked to deputy chairman Eirik Welde, $11.4 million
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Condire Management LP, linked to board observer Detlef von Sehrwald, $11.4 million
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CEO Pedro Courard, $50,000
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Deputy CEO & CFO Gunnar Aasbø Skinderhaug, $50,000
Formal notifications will be published after the EGM.
The board said the structure was the most viable financing alternative under current market conditions, noting that existing shareholders pre-committed $26.2 million of the total. The placement was fully covered at launch with additional support from external investors.
DNB Carnegie acted as advisor and Advokatfirmaet CLP DA as legal counsel to the company.
Atlantic Sapphire operates a land-based salmon farm in Homestead, Florida. Its Phase 1 site has capacity to produce 7,500–8,500 tonnes annually, with long-term plans to expand to more than 100,000 tonnes.
