Holland & Knight Advises Atlantic Sapphire on $210 Million Construction Financing for Salmon Farm in Florida
MIAMI (April 21, 2020) – Holland & Knight advised US and Danish subsidiaries of Atlantic Sapphire AS, a company traded on the Oslo Stock Exchange in Norway, on a $210 million senior secured syndicated financing arranged by DNB Bank ASA, New York branch, Norway's largest financial services group. The financing is tied to the company's development of a world-class, above-ground salmon farm in Homestead, Florida. The lender was DNB Bank.
Atlantic Sapphire is a land-based Atlantic salmon farming company with production operations in Hvide Sande, Denmark and Homestead, Florida. Atlantic Sapphire uses its "Bluehouse" production technology, which was developed by it in collaboration with a wide range of supply chain partners to optimize growing conditions for Atlantic salmon by eliminating exposure to lice, algae and other diseases and producing the salmon closer to the end-consumer.
The $210 million refinancing allows Atlantic Sapphire to continue the next phase of construction on its salmon farm in Homestead, just south of Miami. The main building consists of a 390,000-square-foot climate-controlled facility where salmon will be hatched, raised and harvested. The facility will be one of the largest salmon farms in the world when it is complete.
Holland & Knight's representation of Atlantic Sapphire was led by Partners Alberto Hernandez and Elena Otero and Associates Faisal Kraziem, Brittany Fox and Danielle Moore.