Clearwater Seafoods wraps downsized $265 million credit facility

By Sara Rosenberg

New York, June 6 - Clearwater Seafoods Inc. completed its credit facility that was reduced to roughly $265 million from about $275 million, according to a news release.

The facility consists of a C$65 million asset-based revolver due June 2017, a C$75 million term loan A due June 2017 priced at BA plus 450 basis points and a $125 million term loan B due June 2018 priced at Libor plus 550 bps with a 1.25% Libor floor.

During syndication, the term loan B was downsized from $135 million and the spread was increased from Libor plus 500 bps.

The revolver has a C$20 million accordion, the term loan A has a C$25 million accordion and the term loan B has a $60 million accordion.

GE Capital Markets, BMO Capital Markets and Rabobank's Nederland Canadian Branch acted as the joint lead arrangers and bookrunners on the deal.

Proceeds are being used to repay $54.5 million of 12% second-lien debt, C$43.4 million of 10.5% convertible debentures and C$74.2 million of senior term debt.

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

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