Proximar receives credit committee approval of JPY 8.8 bn debt – reaching the target debt level

24 Mar 2023 11:12 CET

Bergen, Norway/Yokohama, Japan 24 March 2023

With reference to the announcement 13 February, Proximar Seafood AS (“Proximar”)
has, through its subsidiary Proximar Ltd. (Japan), received the credit approval
for a corporate loan of JPY 8.8 billion (NOK ~680 million).

The loan consists of a syndicate of three large Japanese banks. The loan will be
structured in two disbursements, where the first disbursement will be executed
in April, as soon as the documentation is completed. The second will come at the
time of take-over of the post-smolt grow-out building in third quarter 2023.

“We are very pleased to receive the credit committee approval from all three
banks in the syndicate. By achieving this approval, we have reached a major
milestone in our financing strategy,” says CEO Joachim Nielsen.

Proximar Seafood is a Norwegian land-based salmon farming company with its first
production facility and production at the foot of Mount Fuji in Japan, with
expected first harvest mid-2024.

Marks an important milestone
The debt of JPY 8.8 billion implies that Proximar reaches its ~45 percent debt
ratio target. The loan is at attractive terms with an interest rate below 5% and
addresses both the remaining construction financing as well as operational
financing.

“We have worked with high intensity to reach our target debt ratio, securing an
attractive Japanese debt structure. We consider this as a strong confirmation
and approval of Proximar’s business model and what we have built so far,” says
CEO Joachim Nielsen.


For more information, please contact:
Pål K. Grimsrud, CFO, +47 99 47 75 99, pkg@proximar.com
Joachim Nielsen, CEO, +81 70 2811 9898, jn@proximar.com

This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.

About Proximar Seafood
Proximar Seafood is a Norwegian land-based salmon farming company with its first
production facility and production at the foot of Mount Fuji in Japan. The
company inserted its first batch in October 2022 and has currently inserted
batch number four. Through land-based fish farming, using high-quality ground
water secured close to Mount Fuji, the company will produce fresh Atlantic
Salmon, harvested the same day. Proximar’s location, near one of the world’s
most important fish markets, implies significant advantages, both in terms of
reduced cost and carbon footprint.

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