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AquaChile agrees new loan for USD 290 million

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Salmon farming cages belonging to AquaChile. (Photo: AquaChile)

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Wednesday, June 24, 2015, 23:30 (GMT + 9)

AquaChile has agreed with a group of creditor banks on the main terms and conditions for a new syndicated loan for USD 290 million and is in the process of execution of definitive documentation.
Almost 85 per cent of this loan will be used to pay all the bank debt, which is USD 246.3 million, AquaChile said in one essential fact sent to the Superintendency of Securities and Insurance (SVS).
According to the company, the availability of additional loan will "allow it to have the necessary flexibility to ensure efficient and effective management of inventories in this business cycle."
The Chilean salmon firm also informed it had agreed with creditor banks on a 30 day extension of the installments of the company's bank debt sessions, falling due on that date, for USD 122.5 million and agreed to pay them to the deadline referred. In addition, on the same date it will prepay the entire remaining debt maturing in 2018.
AquaChile explained that the term of the new bullet loan is 1.5 years and said it includes conditions as to interest rates, covenants terms, collateral and cross warranties among some of the subsidiaries of AquaChile.
The interest rate will be defined on a biannual basis and correspond to the 180-day Libor rate plus an annual margin.
A couple of weeks ago, AquaChile and Marine Harvest announced that, by "mutual consent" they would not carry out a merger that, if undertaken, would have given rise to the largest salmon firm from Chile.
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