Allianz and a group of European banks provided around EUR 420m of debt to Solvtrans to refinance the Antin-backed Norwegian salmon transportation company’s previous shipping-style debt.
Allianz provided a NOK 950m (EUR 96.5m) term loan, while Scandinavian banks Nordea and DNB as well as Deutsche Bank, Santander and Rabobank provided two term loans, one in local currency worth NOK 1.7bn and another in US dollars worth USD 49m (EUR 44m), as well as a NOK 2bn capex facility, sources close to the process said. The loans all have a five-year tenor.
Paris-based Antin acquired Solvtrans from alternative asset management firm Oaktree Capital Management in 2018 for an undisclosed fee. It owns and operates wellboats that are used to transport young salmon to farms at sea and then transport them back for processing.
One of the sources close to the process said that Antin refinanced Solvtrans to replace the previous debt package with infrastructure-style financing that reflects the fact that the business’s revenues are mainly from take-or-pay contracts with salmon farming customers with an attractive credit profile.