Placement of a new senior secured bond issue

RNS Number : 0813C

Benchmark Holdings PLC

13 June 2019

 

13 June 2019

Benchmark Holdings plc

("Benchmark" or the "Company")

Successful placement of a new senior secured bond issue and completion of refinancing

Benchmark, the aquaculture health, nutrition and genetics business, is pleased to confirm that further to the announcement made on 3 June 2019, the Company has today successfully completed a new senior secured floating rate listed bond issue of NOK 850 million (USD  $95m equivalent). The bond which matures in June 2023, has a coupon of three months NIBOR* + 5.25% p.a. with quarterly interest payments. This new bond issue will refinance Benchmark's existing $90m credit facility. DNB Markets acted as Sole Bookrunner for the bond issue.  As envisaged, a $15m RCF has been provided by DNB Bank ASA.

The bond issue was significantly oversubscribed and marks the Company's entry into the Nordic region debt and securities market, which is globally recognised for its investment in aquaculture, providing the Company with access to a sector specialist investor base.

The settlement date for the bond issue is expected to be 21 June 2019. An application will be made for the bonds to be listed on Oslo Stock Exchange.

*NIBOR - the Norwegian Interbank Offered Rate stood at 1.51% as at 12 June 2019

Malcolm Pye, Benchmark CEO commented:

"We are delighted to have completed this Nordic bond issue which is testament to the strong affinity and expertise investors in the Nordic regions have for the fast growing aquaculture sector. It also provides the Company with additional flexibility to focus on the roll-out of our priority products and operate more efficiently."

- ENDS -

Enquiries

For further information, please contact:
Benchmark Holdings plc	Tel:  [phone]
Malcolm Pye, CEO
Mark Plampin, CFO
Ivonne Cantu, Investor Relations
Numis (Broker and NOMAD)	Tel:  [phone]
James Black, Freddie Barnfield, Freddie Naylor-Leyland
MHP Communications	Tel:  [phone]

Katie Hunt / Reg Hoare / Alistair de Kare-Silver                    [e-mail]

Benchmark's mission is to drive sustainability in food production. We are a leading provider of aquaculture solutions in genetics, health and specialist nutrition. Our focus is on developing innovative products that help fish and shrimp producers improve their sustainability and profitability by improving yield, quality, health and welfare. Our main products are salmon eggs with superior genetic traits, specialist nutrition products for shrimp and fish, and health treatments including a sea lice treatment for salmon. We serve all the major aquaculture markets around the world and have leading market positions. Benchmark operates in 27 countries, employs 1,066 people and reported revenues of £151.5m in FY 2018.

For further information on Benchmark please visit www.benchmarkplc.com

 

END

 

 

IODLIFLRRRIVLIA