On July 18, 2013 an entity indirectly and wholly owned by funds advised by Altor Equity Partners and Bain Capital Europe LLP entered into an acquisition agreement with Cermaq ASA, a public company listed on the Oslo Bors, to acquire the outstanding shares in EWOS based on an enterprise value of NOK 6.5 billion, subject to to certain closing and post-closing adjustments. The total consideration paid to Cermaq was NOK 6.2 billion.
The acquisition was financed by a contribution totalling NOK 2,075 million from funds advised by Altor Equity Partners and Bain Capital Europe LLP, an issuance of Senior Subordinated Notes in the amount of NOK 1,040 million, EUR Senior Secured Notes in the amount of EUR 225 million and NOK Senior Secured Notes in the amount of NOK 1,810 million.
The EUR Senior Secured Notes were listed on the Official List of the Irish Stock Exchange and admitted to trading on the Global Exchange Market on January 9, 2014. The NOK Senior Secured Notes and the Senior Subordinated Notes were listed on the Oslo Bors with effect from March 26, 2014.
As from October 31, 2013, EWOS entered into a revolving credit facility in the amount of NOK 600 million with Danske Bank, Rabobank International and Swedbank.