Norwegian salmon farmer Grieg Seafood has completed a NOK 2 billion ($177.6 million) perpetual green hybrid bond issue with a first call date after four years.
The transaction attracted strong interest, according to the firm.
The bond, classified as equity on the company's balance sheet, will enhance Grieg's liquidity and financial flexibility to support sustainable investments.
Proceeds will fund green projects under the company's "green bond framework," including refinancing existing debt tied to eco-friendly initiatives. The move aims to strengthen operations in Norway's Rogaland and Finnmark regions.
"Both Rogaland and Finnmark entered 2025 close to [maximum allowable biomass] capacity, with combined harvest volumes expected to increase by 13% from 2024 to 2025. The main priority is to restore profitability in Finnmark, and to improve profitability towards the Rogaland benchmark levels supported by increased post-smolt capacity," Grieg said.
Arctic Securities, DNB Markets, and Nordea acted as joint book-runners, and DNB and Nordea also served as green bond advisors. The bonds are expected to be listed on the Oslo Stock Exchange.
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