LEX advises on financing of Salmon Garden

LEX provided legal advice to Samherji Fish Farming in its recent financing of EUR 320 million, amounting to over ISK 45 billion. The financing is intended for the construction of Salmon Garden, a new land-based farming facility in Reykjanes, which will, when fully built, produce 36,000 tonnes of liveweight salmon, equivalent to 30,000 head-on gutted (HOG) tonnes.

The financing consists, on the one hand, of an issuance of new shares in Samherji Fish Farming for EUR 210 million and, on the other hand, of a syndication loan in the amount of EUR 110 million. The equity private placement was increased from EUR 125 million following strong investors‘ demand but among the new shareholders are domestic and foreign investors, including some of the largest pension funds in Iceland.

LEX acted as an advisor to Samherji Fish Farming in the financing along with Íslandsbanki and Arctic Securities.

The LEX team was led by partners Stefán Orri Ólafsson and Eyvindur Sólnes and senior associate Kristinn Ingi Jónsson.

For further information, please refer to the company‘s press release.