Atlantic Sapphire borrows more
The land-based salmon producer has already been loaned US $20m by owners but needs a little extra
United States land-based salmon farmer Atlantic Sapphire is to borrow an additional US $1.5 million from a group of investors (the Investor Group) who have already provided bridging loans totalling $20m (£14.7m).
The money will improve the company’s liquidity situation, said Atlantic Sapphire, which grows its fish in a recirculating aquaculture system (RAS) in Homestead, south of Miami in Florida.
Atlantic Sapphire has also agreed to borrow a further $1.5m if required and at the discretion of the lenders, to meet any further financing needs in the near to short term.
In February, Atlantic Sapphire stated that it needed $15-25m to meet liquidity needs. This was later updated to $25-30m.
Restructuring agreement
The Investor Group comprises Condire Management L.P., Nordlaks Holding AS, Nokomis Capital Master Fund L.P., Strawberry Capital AS, and Joh. Johannson Eiendom AS, who own 62.2% of Atlantic Sapphire’s equity between them.
The Group has utilised its right under a restructuring agreement to transfer all of its Atlantic Sapphire shares into Coral HoldCo AS ("Coral Holding"), a holding company it has established for the purposes of refinancing the fish farmer.
Coral Holding has now made a mandatory offer to buy the outstanding shares in Atlantic Sapphire for NOK 0.80 per share for the 13,552,809 shares it doesn’t own. If Coral Holding acquires the outstanding shares, it will apply to delist Atlantic Sapphire from the Oslo stock exchange and take the company into private ownership.
Coral Holding’s offer is worth NOK 10.8 million (£843,000) and values the total issued share capital in Atlantic Sapphire at NOK 28.7m (£2.24m).
Atlantic Sapphire harvested a total volume of 1,504 metric tonnes (head on gutted) in the first quarter of this year, up from 1,183 tonnes HOG in Q4 2025.
Net biomass gain during Q1 2026 was 1,859 tonnes live weight, also higher than the preceding quarter, when the gain was 1,683 tonnes. Standing biomass at the end of Q1 2026 was 3,420 tonnes live weight (Q4 2025: 3,437t).
