SEATTLE, May 10, 2010 (BUSINESS WIRE) -- American Seafoods today announced it completed a refinancing of all the outstanding debt of American Seafoods Group LLC and ASG Consolidated LLC, the direct parent of American Seafoods Group.
Concurrent with the refinancing, the Company redeemed the entire ownership interest of a significant equity holder, Coastal Villages Region Fund.
The company refinanced ASG Consolidated's high yield bonds and American Seafoods Group's senior credit facility, significantly extending the maturities on its debt. "The refinancing represents a significant accomplishment for the company," said Bernt O. Bodal, CEO of American Seafoods. "The fact that we were able to complete a transaction like this in a difficult economic environment is a testament to the strong support of our lending partners and the stellar reputation the company enjoys among the financial community," Bodal said.
Also, in connection with the refinancing, American Seafoods redeemed all of the outstanding equity interests of Coastal Villages' in exchange for the pollock catcher processor NORTHERN HAWK, the freezer-longline vessels LILLI ANN, NORTH CAPE and DEEP PACIFIC and certain fishing rights. The completion of the buyout results in Bodal and the rest of the management team increasing their ownership to over 70% of the company. As part of the buyout, American will provide management and marketing services to Coastal Villages -- enhancing its revenue opportunities over the next few years.
"The buyout offers a terrific opportunity for all of the continuing owners of American Seafoods to increase their ownership stake and positions us well for the long-term growth of the company," said Bodal.
About American Seafoods American Seafoods is a leader in the harvesting, processing, preparation and supply of quality seafood. Harvesting a variety of fish species, the Company processes seafood into an array of finished products, both on board its state-of-the-art fleet of vessels and at its HACCP-approved production facilities located in Massachusetts. The Company produces a diverse range of fillet, surimi, roe and block product offerings, made from Alaska pollock, Pacific whiting, Pacific Cod and sea scallops. Finished products are sold worldwide through an extensive global distribution and customer support network.
From the ocean to the plate, American Seafoods has established a global sourcing, selling, marketing and distribution network bringing quality seafood to consumers worldwide. For more information, please visit us at www.americanseafoods.com.
This press release contains forward-looking statements. The words "will," "believes," "anticipates," "intends," "estimates," "expects," "projects," "plans," or similar expressions are intended to identify forward-looking statements. All statements in this press release other than statements of historical fact, including statements which address our strategy, future operations, future financial position, estimated sales, projected costs, prospects, plans and objectives of management and events or developments that the Company expects or anticipates will occur, are forward-looking statements.
All forward-looking statements speak only as of the date on which they are made.
They rely on a number of assumptions concerning future events and are subject to a number of risks and uncertainties, many of which are outside of the Company's control and could cause actual results to differ materially from such statements.
SOURCE: American Seafoods CONTACT: ASG Consolidated LLC American Seafoods Group LLC Brad Bodenman Phone: 206-374-1515/fax: 206-374-1516 Email to: brad.bodenman@americanseafoods.com Copyright Business Wire 2010 -0- KEYWORD: United States
North America
Washington INDUSTRY KEYWORD: Natural Resources
Other Natural Resources
Retail
Food/Beverage SUBJECT CODE: Stock Sale/Buyback