Multi X refinances USD 250 million of debt in syndicated loan

Chilean salmon-farming firm Multi X has completed the refinancing of USD 250 million (EUR 213 million) in debt.

The refinancing process was structured in two tranches. Tranche A corresponded to a five-year long-term amortizing loan for USD 180 million (EUR 153 million), while Tranche B is a renewable 36-month revolving credit line for USD 70 million (EUR 59.6 million). The refinancing offered “favorable financial conditions,” Multi X said in a release.

The transaction was led by Rabobank in conjunction with DNB, BCI, and Santander banks and is associated with the fulfillment of established sustainability objectives and indicators.

“This refinancing, in addition to reflecting Multi X’s financial strength and its capacity for future cash generation, allows us to continue with the de-leveraging process and have the necessary resources for the company’s future development, with sustainability as a fundamental pillar,” Multi X CFO José Ramón Gutiérrez said.

The company touted the sustainable loan as reflecting its solid financial position, as well as local and international banks’ confidence in its performance. Multi X said the transaction reinforces its commitment to good environmental, social, and governance (ESG) practices and highlights the growing market interest in investments that promote a positive impact on society and the environment.

Among multiple sustainability initiatives it has launched, last year, Multi X rolled out a new strategy called “the ABCs of Sustainability,” which stands for animal welfare, biosphere, and communities.

“At Multi X, we understand that aquaculture is part of the solution to feed the future and that we have the challenge of showing and communicating the sustainability of our sector, with pillars and actions that are easy to understand,” Multi X Corporate Affairs and Sustainability Manager Francisco Lobos said when the company launched the initiative. “This new strategy allows us to communicate in a simple way with our stakeholders, share the way we work, and periodically report on our objectives, progress, and goals related to our operational priorities.”

More recently, Multi X posted consolidated net profits of USD 2.1 million (EUR 1.8 million) in the third quarter of 2025, which was down 63.5 percent compared to profits of USD 5.9 million (EUR 5.1 million) recorded in Q3 2024. Q3 revenues came in at USD 188 million (EUR 162 million), which were relatively flat compared to the same period a year previous. Operational costs totaled USD 175 million (EUR 151 million), which also remained relatively unchanged from the year-ago period, as did EBITDA, which came in at USD 12.7 million (EUR 10.9 million).

In explaining the results, the firm alluded to a complex global scenario in the three-month period, which was marked by lower international salmon prices – mainly owing to oversupply from Norwegian firms – and tariffs imposed by the U.S.