Land-based salmon farmer Atlantic Sapphire has secured a bridge loan of up to USD 10 million (EUR 9.2 million) from a group of existing investors, as the company continues discussions over a broader refinancing.
The Miami-based company said the loan will be provided in two tranches of USD 5 million (EUR 4.6 million) each. The facility carries an interest rate of 12 percent per year and an origination fee of 15 percent of the principal.
The bridge loan matures on 15 May 2026, although the term may be extended if the parties reach agreement on a wider refinancing. The facility will rank senior to Atlantic Sapphire’s existing convertible loan.
The board said the financing secures the company’s near-term operations.
Alongside the bridge loan, Atlantic Sapphire said it remains in discussions with an investor group representing around 63 percent of the company’s shares and about 93 percent of the outstanding convertible loan.
As part of a potential refinancing package, the investor group has indicated it may launch a voluntary tender offer for all shares not already owned or controlled by the group. According to a non-binding term sheet, the indicated offer price has increased to NOK 0.80 (EUR 0.07) per share, up from NOK 0.50.
Any offer would be structured to meet the requirements of a mandatory offer under the Norwegian Securities Trading Act and would not include an acceptance threshold.
The company said negotiations remain ongoing and no binding agreement has yet been reached. Atlantic Sapphire said it will provide further updates if and when agreements are concluded.
Atlantic Sapphire operates a land-based salmon facility in Homestead, Florida. Its Phase 1 plant has annual harvest capacity of approximately 7,500 to 8,500 tonnes (HOG). The company has previously outlined plans to expand capacity to 25,000 tonnes in Phase 2, with a longer-term target of more than 100,000 tonnes.