American Seafoods Group to sell $175 million eight-year notes via Banc of America

By Paul A. Harris

St. Louis, Mo., March 21 -American Seafoods Group starts the roadshow Monday to market an offering of $175 million senior subordinated notes due 2010, according to a syndicate source.

The roadshow is scheduled to finish and pricing is expected on April 4.

Banc of America Securities is bookrunner on the Rule 144A deal. BMO Nesbitt Burns and Scotia Capital are co-managers.

The new notes will be non-callable for four years.

The net proceeds of the offering along with $320 million drawn under the company's new $390 million senior credit facility will be used to fund the recapitalization of American Seafood Group by Centre Partners Management, certain members of management and existing rollover investors, according to the syndicate source.

The integrated seafood company is based in Seattle, Wash.

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