Clearwater Seafoods cuts term loan B spread to Libor plus 350 bps

By Sara Rosenberg

New York, June 19 - Clearwater Seafoods Inc. reduced pricing on its $200 million six-year term loan B to Libor plus 350 basis points from Libor plus 375 bps, according to a market source.

Furthermore, the original issue discount on the B loan was tightened to 99¾ from 991/2, the source said.

As before, the term B has a 1.25% Libor floor.

The company's roughly $350 million equivalent credit facility (B1/BB-) also includes a C$75 million five-year revolver, a C$30 million five-year term loan A and a C$45 million five-year delayed-draw term loan A.

The revolver was upsized from C$60 million, the source added.

BMO Capital Markets Corp. and GE Capital Markets are the lead banks on the deal.

Proceeds will be used to refinance existing debt and for capital expenditures.

Clearwater is a Bedford, Nova Scotia-based seafood company.

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