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High Liner Foods Completes $70 million Addition to its Senior Secured Term Loan B
High Liner Foods Completes $70 million Addition to its Senior Secured Term Loan B ...
About this update from High Liner Foods Incorporated
[{"type":"text","content":"\n\n\n\nHigh Liner Foods Completes $70 million Addition to its Senior Secured Term Loan B\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nLUNENBURG, NS, June 6, 2017\n\n\n\n- Proceeds used to term out acquisition financing -\n\n\n\nLUNENBURG, NS, June 6, 2017 /CNW/ - High Liner Foods Incorporated (TSX: HLF) (\"High Liner Foods\" or \"the Company\"), the leading North American value-added frozen seafood company, today announced that it concluded a $70 million addition to its senior secured term loan (\"Term Loan B\").  All figures are in U.S. dollars (\"USD\") unless otherwise noted.\n\nThe $70 million addition (\"Add-On\") to the Term Loan B increases the principal amount outstanding on this facility from approximately $268 million to $338 million.  The terms of the Add-On are consistent with those of the existing Term Loan B, including a maturity date of April 2021 and interest rate of LIBOR plus 3.25% (with a 1.00% LIBOR floor).\n\nAs previously announced on May 30, 2017, the Company completed the acquisition of Rubicon Resources, LLC for $107 million, which was settled 70% in cash borrowed on the Company's existing asset-based revolving credit facility (\"ABL\") and 30% in High Liner Foods' common shares.  Net proceeds from the $70 million Term Loan B Add-On were used to reduce the Company's ABL. \n\nRBC Capital Markets acted as Lead Arranger and Bookrunner for the Term Loan B Add-On.\n\nAbout High Liner Foods Incorporated\n\nHigh Liner Foods Incorporated is the leading North American processor and marketer of value-added frozen seafood.  High Liner Foods' retail branded products are sold throughout the United States, Canada and Mexico under the High Liner, Fisher Boy, Mirabel, Sea Cuisine and C. Wirthy labels, and are available in most grocery and club stores.  The Company also sells branded products to restaurants and institutions under the High Liner, Icelandic Seafood and FPI labels and is the major supplier of private label value-added seafood products to North American food re...