American Seafoods plans to resume IDS offering in "near term"

By Paul A. Harris

St. Louis, Aug. 16 - American Seafoods Group LLC of Seattle announced that it intends to resume its $450 million public offering of Income Deposit Securities (IDS) in the "near term," according to a 10-Q document filed Monday with the Securities & Exchange Commission.

The company postponed the offering on Aug. 12, citing adverse market conditions.

The most recent IDS price range, published in an Aug. 12 filing, was $13.50-$14.00 per IDS. The offering, which had earlier been downsized from $550 million, is comprised of 30.7 million shares of class A common stock and $158.3 million of notes due 2019.

In addition, the company also proposed to sell a separate offering of $27.9 million notes due 2019.

Both prospective issues of notes were rated B3 by Moody's Investor Services. The most recent price talk of on both issues of notes was in the 12¼% area, according to a market source.

CIBC World Markets and Merrill Lynch & Co. are leading the deal. UBS Investment Bank (joint lead), Credit Suisse First Boston, RBC Capital Markets, Legg Mason, KeyBanc Capital Markets, SunTrust Robinson Humphrey, Piper Jaffray, Wells Fargo Securities, Scotia Capital and Morgan Joseph & Co. are co-managers.

Proceeds will be used to indirectly redeem additional equity from owners of affiliate American Seafoods LP.

The notes are expected to trade on the American Stock Exchange.

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