The Kingfish Company secures a €75m bilateral loan facility to fully fund phase 2 expansion and work

The Kingfish Company

19 April 2022

The Kingfish Company [Euronext: KING] has entered into a Senior Facilities Agreement with P Capital Partners AB (“PCP”) for a five-year ESG-linked €75 million bilateral debt facility (the “Debt Facility”).

“With funding secured to reach 3,500 tonnes annual capacity in The Netherlands, we are now funded to reach group-level profitability, placing us in a comfortable position to optimize growth capital for further buildout in the US and the EU and continue to deliver on our expansion plan”, said Ohad Maiman, CEO of The Kingfish Company.

The Debt Facility has a variable interest margin ratchet, where the actual interest rate depends on performance relative to the Company’s ESG targets. The net proceeds from the Debt Facility will be used to repay existing debt, finance remaining capital expenditures related to phase 2A and 2B at the Netherlands facility, and fund working capital. The Debt Facility also includes an uncommitted facility of €37.5 million to finance part of the capital cost for a future phase 3 build-out in the Netherlands.

“Following constructive dialogues with banks and financial investors and several potential financing indications, we are pleased to partner with PCP to fund our ongoing growth in Europe. PCP is a strong financial partner, highly knowledgeable in the aquaculture sector, and their funding is a testament to our solid operational delivery”, Ohad Maiman said.

”PCP has been active in funding the sustainability transition of the economy for years. On land aquaculture will play a key role in sustainable protein production globally. We are excited to be partnering with an industry leader such as The Kingfish Company,” Daniel Sachs, CEO, P Capital Partners AB said.

Arctic Securities AS acted as sole financial advisor and broker in conjunction with the Debt Facility.

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About The Kingfish Company

The Kingfish Company is a pioneer and leader in sustainable land-based aquaculture. Current annual production capacity at its Kingfish Zeeland facility in the Netherlands is 1,500 tons of high quality and high value Yellowtail Kingfish.

Expansion is underway and capacity in the Netherlands will reach 3,500 tons in the second half of 2022. In the US, permitting for the company’s 8,500 tons capacity facility is progressing as planned.

Production is based on advanced recirculating aquaculture systems (RAS), which protect biodiversity and ensure biosecurity. Animal welfare is paramount, and the fish is grown without use of antibiotics and vaccines. Operations run on 100 percent renewable energy, sourced from wind, solar and biogas. The company’s facilities operate on sea water, avoiding wasting of precious fresh water.

The Kingfish Company’s main product at present, the Yellowtail Kingfish (also known as Ricciola/Hiramasa/Greater Amberjack) is a highly versatile premium fish species, well known in the Italian and Asian fusion cuisines.

Its products are certified and approved as sustainable and environmentally friendly by Aquaculture Stewardship Council (ASC), Best Aquaculture Practices (BAP) and British Retail Consortium (BRC). It was the winner of the 2019 Seafood Excellence Award, and it is recommended as green choice by Good Fish Foundation.

About P Capital Partners AB

PCP provides tailored credit funding solutions to Northern and Western European companies in need of capital for expansion, acquisition financing and refinancing. The funds of PCP have combined assets of €2.5 billion and are managed by P Capital Partners AB.