Industry – July 13, 2026
Proximar: launches funding drive: convertible bond and strategic review announced
Proximar Seafood plans to raise at least NOK 100 million (€9.0 million) through a convertible bond to strengthen liquidity, fund operations and extend its debt profile as the land-based salmon farmer scales production in Japan.
The initial tranche will comprise at least NOK 75 million (€6.75 million) in new subscriptions and NOK 25 million (€2.25 million) rolled over from the company’s existing convertible bond.
The financing comes as Proximar seeks a 12-month extension to its NOK 586 million (€52.7 million) syndicated bank loan, due to mature in August 2026, and after its banks agreed to waive a second-quarter sales covenant subject to the company strengthening its cash position.
The proposed bond will mature in July 2029, carry a conversion price of NOK 0.60 per share and pay a 13% payment-in-kind coupon in its first year, rising thereafter to either 15% payment-in-kind or 7% cash annually.
The placement is supported by several of Proximar’s largest shareholders and bondholders but remains subject to subscription commitments, shareholder approval, approval from existing bondholders and agreement from guarantor Grieg Kapital. ABG Sundal Collier is acting as manager.
Separately, the board has appointed Nomura International to conduct a strategic review of the business, including options to strengthen the balance sheet and attract a long-term industrial investor for its Japanese operations.
“We are pleased with the continued support from our banks and investors, which secures our near-term liquidity and allows us to keep full attention on operations,” CEO Joachim Nielsen said.
“Our priority remains a stable supply of fish above 3 kilos… We are confident that our recent positive operational development keeps us well on track to reach profitable operations.”
Proximar operates a land-based Atlantic salmon farm near Mount Fuji, where it harvested its first fish in September 2024.
