Morpol ASA : Morpol ASA - Amendment of the credit agreement dated 21 December
Morpol ASA - Amendment of the credit agreement dated 21 December 2010
Oslo, 20^th August 2013: Morpol ASA (OSE: MORPOL)
In December 2010 Morpol ASA entered into a five year loan facility of EUR 250
million (the "Agreement") with the bank consortium in which DnB NOR and
Rabobank are the mandated lead arrangers. On 20th December 2012 the Company
and the Bank amended the credit agreement and changed the final maturity date
of the agreement to 30.09.2013. On the 2^nd of May 2013 an amendment was
signed, that extended the final maturity date of the agreement to 31.12.2013.
Today a further amendment has been signed. The new conditions set the required
maximum Gearing Ratio, equal to 4 quarters rolling EBITDA divided by Net
Interest Bearing Debt, at the end of Q2 2013 and at the end of Q3 2013 on the
level of 7.5 and 6.75 respectively.
Morpol had a net interesting bearing debt of EUR 188.0 million at the end of
For further information, please contact:
Piotr Kapinos, Chief Financial Officer, email@example.com, phone
The Morpol Group is engaged in salmon processing as well as sale and
distribution of finished salmon products.
The Morpol Group's main products are: cold and hot smoked salmon, gravadlax,
fresh salmon fillets, frozen salmon portions, organic salmon, wild salmon and
salmon specialties. The Morpol Group also has salmon farming activities in
Scotland since 2010 and Norway since 2011. The Morpol Group had revenue of
approximately EUR 502.7 million in 2012.
Founded in 1996 in Ustka on the Baltic coast of Poland, the company employs
over 4 000 people in nine countries. Morpol Group is the world leader in
smoked salmon. The company has achieved its world leading position through the
efficiency of processing activities, a constant focus on product quality and
service provided to retail and food service customers. Morpol serves customers
across Europe, Japan and the United States.
For more information, please visit our web site at www.morpol.com
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by Thomson Reuters on behalf of Thomson
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(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
information contained therein.
Source: Morpol ASA via Thomson Reuters ONE
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