China Fishery seeks consents for $250 million senior notes due 2017

By Susanna Moon

Chicago, July 17 – China Fishery Group Ltd. said it began a consent solicitation to amend the $250 million 9% senior notes due 2017 issued by Corporacion Pesquera Inca, SAC.

The company is seeking consents to allow Copeinca Norway, Copeinca and the restricted subsidiaries to guarantee up to $1.2 billion principal amount of debt of the CFGL Group, according to notices by China Fishery and Pacific Andes Resources Development Ltd., which indirectly owns China Fishery.

The $1.2 billion of debt includes $300 million of 9¾% senior notes due 2019 issued by CFG Investment SAC (CFG Peru), China Fisheries International Ltd. and Sustainable Fishing Resources SAC; $650 million term and revolving credit facility; and up to another $250 million of senior notes proposed to be issued by a member of the CFGL Group.

The company also is soliciting consents to allow for internal restructuring.

China Fishery needs to secure consents from holders of at least a majority of the outstanding notes.

The consent solicitation will end at 5 p.m. ET on July 30. Holders must be of record as of 5 p.m. ET on July 16.

Deutsche Bank Trust Co. Americas is the trustee, registrar, paying agent and transfer agent. Deutsche Bank Luxembourg SA is the Irish paying agent, Irish transfer agent and Irish listing agent.

The solicitation agents are Hongkong and Shanghai Banking Corp. Ltd., Jefferies LLC, Bank of America Merrill Lynch and Standard Chartered Bank.

D.F. King & Co. Inc. is the information and tabulation agent.

China Fishery is a Hong Kong-based manager and operator of fishing vessels for coastal and deep sea industrial fishing. Copeinca is a producer of fishmeal and fish oil harvested off the coast of Peru.

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