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High Liner Foods Completes Repricing of Term Loan B Facility
High Liner Foods Completes Repricing of Term Loan B Facility Canada NewsWire ...
About this update from High Liner Foods Incorporated
[{"type":"text","content":"\n \n \n \n High Liner Foods Completes Repricing of Term Loan B Facility\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 - Annual interest savings of approximately\n \n $2 million\n \n -\n \n \n \n \n \n LUNENBURG, NS\n \n ,\n \n March 10, 2021\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 repricing of its senior secured term loan (the \"Term Loan B\"). All figures are in U.S. dollars (\"USD\") unless otherwise noted.\n \n \n The\n \n $265 million\n \n Term Loan B was repriced to bear interest at LIBOR plus 3.75% with a LIBOR floor of 0.75%, which represents a 75 basis point reduction compared to the prior interest rate of LIBOR plus 4.25% with a LIBOR floor of 1.00%. All other material terms of the Term Loan B remain unchanged, including the maturity date of\n \n October 15, 2026\n \n .\n \n \n \"The Company expects to save approximately\n \n $2.0 million\n \n of annual cash interest expense with this repricing at current borrowings and LIBOR rates,\" said\n \n Paul Jewer\n \n , Executive Vice President and Chief Financial Officer of High Liner Foods. \"Improving upon our strong balance sheet and reducing our cost of capital remains a priority as we execute on our strategy to invest in our business and build upon our leadership in branded value-added seafood in\n \n North America\n \n .\"\n \n \n RBC Capital Markets acted as Lead Arranger and Bookrunner for the debt repricing.\n \n \n \n About High Liner Foods Incorporated\n \n \n \n High Liner Foods Incorporated is a leading North American processor and marketer of value-added frozen seafood. High Liner Foods' retail branded products are sold throughout\n \n the United States\n \n and\n \n Canada\n \n under the\n \n \n High Liner\n \n \n ,\n \n \n Fisher Boy\n \n \n ,\n \n \n \n Mirabel\n \n \n \n ,\n \n \n Sea Cuisine\n \n \n and\n \n \n Catch of the Day\n \n \n labels, and ar...