Codfarmers granted NOK 30 million in loan from Innovasjon Norge

Innovasjon Norge on June 4, 2009 granted Codfarmers ASA a loan of NOK 30 million. The loan has a three years maturity with two years exemption for installments. The loan agreement is contingent upon the two parties agreeing on acceptable covenant structures relating to equity and liquidity ratios. -We are glad to see that Innovasjon Norge grants loans both to Codfarmers and to other players in the industry in a demanding capital market. This contributes to the further development of cod farming and prepares the ground for value creation and new employment opportunities in the regions, says CEO Michael Malling in Codfarmers ASA. Innovasjon Norge has earlier granted Codfarmers ASA loans totalling NOK 20 million, and investment grants totalling NOK 12.6 million.