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High Liner Foods Completes Refinancing of Term Debt
High Liner Foods Completes Refinancing of Term Debt Canada NewsWire $240 mi...
About this update from High Liner Foods Incorporated
[{"type":"text","content":"\n\n\n\n High Liner Foods Completes Refinancing of Term Debt\n \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 Canada NewsWire\n \n\n\n\n\n\n $240 million\n \n Term Loan B refinanced at SOFR plus 3.25% with maturity extended from\n \n October 2026\n \n to\n \n July 2031\n \n .\n \n\n\n\n\n LUNENBURG, NS\n \n\n ,\n \n\n July 31, 2024\n \n\n /CNW/ - High Liner Foods Incorporated (TSX: HLF) (\"High Liner Foods\" or the \"Company\"), a leading North American value-added frozen seafood company, today announced it has successfully completed a refinancing of its senior secured term loan (the \"Term Loan B\"). Proceeds from the refinancing, along with cash on hand, were used to repay the Company's existing term debt and pay related fees and expenses. All figures are in U.S. dollars (\"USD\") unless otherwise noted.\n \n\n The $240 million Term Loan B was refinanced to bear interest at SOFR plus 3.25% with a SOFR floor of 0.50%, which represents a 60-basis point reduction, replacing the prior interest rate of SOFR plus 3.75% and the 0.10% credit spread adjustment with a SOFR floor of 0.75%. The maturity was also extended from\n \n October 2026\n \n to\n \n July 2031\n \n . The Company anticipates saving approximately\n \n $1.4 million\n \n in annual cash interest expense based on current borrowings and SOFR rates.\n \n\n \"With the favorable reduction in pricing and the extended maturity period, this improved arrangement gives the Company increased financial flexibility to capitalize on future growth opportunities and invest in key initiatives that will drive long-term success, reinforcing the Company's position as a branded value-added seafood leader in\n \n North America\n \n ,\" stated\n \n Paul Jewer\n \n , President & CEO of High Liner Foods.\n \n\n BMO Capital Markets acted as Left Lead Arranger for the financing. RBC Capital Markets, JP Morgan Chase Bank, N.A., CIBC World Markets Corp., and Coöperatieve Rabobank U.A.,\n \n New York\n \n Branch acted as Joint Lead Arrangers and Joint Bookrunners for the debt repri...