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Camanchaca plant. (Photo: Camanchaca)

Camanchaca negotiates and 'polishes' USD 165 million refinancing proposal

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Wednesday, October 04, 2017, 01:00 (GMT + 9)

Pesquera Camanchaca informed the Superintendency of Securities and Insurance (SVS) about the conditions and progress of the proposed USD 165 million financing it has received from banks DNB Bank ASA and Cooperative Rabobank UA.

Through an essential fact, the company complements the information released on September 20, when it announced that it had hired the Norwegian bank DNB to evaluate a possible opening to the Oslo Stock Exchange in order to strengthen its financial position and boost its business.

"This bank has been given a 12-month mandate to assess the opportunities that exist in the Chilean and Norwegian capital markets, with a special focus on the latter," the company said.

On that date, the firm indicated that its financial restructuring had two stages: obtaining the designated loan and a possible spin off of its subsidiary Salmones Camanchaca on the Oslo Stock Exchange.

Camanchaca now details that the financing proposal is divided into three financing stages or lines. The first stage, for USD 65 million offered to Camanchaca Company, the group's parent company, has a two-year payment term. The second stage, for USD 40 million, also offered to the parent company, contemplates a period of five years.

The third line is for USD 100 million, offered to the subsidiary Salmones Camanchaca SA, which will be opened to the Oslo Stock Exchange, with a term of five years and a three-year grace period.

The credit proposals include conditions related to the indebtedness level Camanchaca has, which should not exceed 40 per cent of its assets, and a maximum ratio between EBITDA and indebtedness that should not exceed four times.

The firm added that the proposal received on September 20 is currently "in the negotiation and fine-tuning stage with the financial institutions that are proposing it," which it hopes to complete within the next few weeks.

Related article:

Camanchaca assesses placement of subsidiary on Norwegian Stock Exchange

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