Bakkafrost P/f - Capital/Financing Update 2021

BAKKAFROST: Refinancing

Bakkafrost has today entered into a term sheet for a sustainability-linked EUR

700 million multicurrency revolving credit facility with a tenor of five years

(the "Facility").

The purpose of the Facility is to refinance Bakkafrost's existing bank

facilities as well as general corporate purposes including acquisitions. The

facility will serve as a robust and flexible financial framework for the Group's

investment plans aimed at significant organic growth for the Group and

structural cost reductions in Scotland, as described at the Capital Markets Day

earlier this year.

Bakkafrost is pleased by the increased financial flexibility and generally

improved terms under the Facility. The margin payable will be linked to

Bakkafrost's performance against certain sustainability KPIs, consistent with

the Group's overall ESG targets and ambitions. The Facility includes flexibility

for the parties to agree an additional amount of up to EUR 150 million during

the tenor. The principal financial covenants of the Facility are; (1) an equity

ratio of no less than 35% and (2) an interest coverage ratio (EBITDA to net

interest payable) of no less than 2x.

Coöperatieve Rabobank U.A, DNB Bank ASA and Nordea Bank ABPm (Filial i Norge),

have agreed to continue their support as lenders. These fine institutions are

uniquely positioned to support Bakkafrost's continued development with capital

and through their unique combined pool of skills and capabilities.

The Facility is subject to the signing of a facility agreement, which is

expected during Q1 2022.

For further information, please contact:

· Regin Jacobsen, CEO of P/F Bakkafrost: +298 235001 (mobile)

· Høgni Dahl Jakobsen, CFO of P/F Bakkafrost: +298 235060 (mobile)

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