ABG Sundal Collier acted as financial advisor to Proximar Seafood AS in connection with the successful placement of NOK 250m convertible bonds

On Monday, 17 October 2022, Proximar Seafood AS (“Proximar”) announced that it had successfully raised NOK 250 million in a new convertible bond (the “Convertible Bond”). The Convertible Bond has a tenor of 3 years, a fixed coupon of 7% and a conversion price of NOK 5 per share. Settlement of the Convertible Bond is expected to be 27 October 2022. Additionally, NOK 50 million will be raised through an increase of the existing debt facility with JA Mitsui Leasing Ltd., which brings total new financing to NOK 300 million. This will enable the Company to take ownership of the hatchery and nursery in the short term and further finance project expenditures through Q1 2023.
Proximar continues to be on track with construction of the 5,300 tons land-based salmon farming facility in Japan and is progressing towards first egg inlays in October and first harvest in medio 2024. As per 1 September 2022 approximately 67% of the civil works has been completed.
This is the second time that ABG Sundal Collier acts as advisor to Proximar over the last two years, having also acted as joint global coordinator and bookrunner in the listing of Proximar on Euronext growth in January 2021.