Måsøval AS – Waiver from financial covenants in Q4 2024
Due to increased interest costs as a result of residual tax on planned tax positions, Måsøval AS (the "Company") has initiated a waiver process for the financial covenants on equity ratio and interest cover ratio (the "Financial Covenants") with its lenders under its senior bank financing of NOK 1.9 bn.
This process has been completed, and the lenders have approved the following temporary waiver of the Financial Covenants for Q4 2024:
- The interest cover ratio shall not at any time be less than 2.75x; and
- The equity ratio shall not at any time be less than twenty-five per cent. (25.00%).
As of Q1 2025, the Financial Covenants will go back to the following original levels:
- The interest cover ratio shall not at any time be less than 4.00x; and
- The equity ratio shall not at any time be less than thirty per cent. (30.00%).
The Company expects that the equity ratio for Q4 2024 will be higher than thirty per cent. (30.00%), and that the interest cover ratio for Q4 2024 will be higher than the approved requirement of 2.75x.
Disclosure regulation
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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About Måsøval AS
Måsøval is an integrated producer of Atlantic salmon with more than 50 years of operational experience. Located in Central and West of Norway, Måsøval has both significant farming operations at sea and inhouse smolt production. Måsøval is processing and exporting high quality Atlantic salmon to a global marketplace.
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