Clearwater Seafoods to launch C$275 million credit facility on Friday

By Sara Rosenberg

New York, May 2 - Clearwater Seafoods Inc. is scheduled to hold a bank meeting on Friday to launch a proposed C$275 million credit facility, according to sources.

GE Capital Markets and BMO Capital Markets are the lead banks on the deal that is being marketed to U.S. and Canadian investors.

The facility consists of a C$65 million asset-based revolver that is available in U.S. and Canadian dollars, a C$75 million term loan A and a C$135 million term loan B, sources said.

Proceeds will be used to refinance existing debt facilities.

In a news release, the company said that the refinancing will improve its capital structure, reduce cost of capital and build shareholder value.

Closing is subject to syndication and the negotiation of satisfactory terms.

Clearwater is a Bedford, Nova Scotia-based seafood company and holder of shellfish licenses and quotas.

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