Land-based salmon-farming company Andfjord Salmon has secured a NOK 1.25 billion (USD 136 million, EUR 121.9 million) senior secured bond.
The company said the new bond will be used to refinance an existing NOK 750 million (USD 81.6 million, EUR 73.1 million) bond and establish a debt service reserve account to cover 12 months of the bond’s interest. Other funds will go toward completion of project Phase 2A and other general corporate purposes, the company said.Â
Andfjord salmon went through a stretch of no revenue in a period spanning Q3 2023 through early 2026. The company recently generated NOK 51.3 million (USD 5.6 million EUR 5 million) in Q2 2026 and, in mid-October, reported its first full post-smolt production cycle, which was also the first production cycle in Pool K3 at its land-based salmon farm.
The company has been planning to use its spare pool capacity as post-smolt production since 2024.