Cooke Aquaculture talks $250 million eight-year senior notes with 9% area yield

By Paul A. Harris

Portland, Ore., Feb. 5 - Cooke Aquaculture, Inc. talked its $250 million offering of eight-year senior notes (Caa1/CCC+) with a yield in the 9% area, an informed source said on Tuesday.

The books close at 10 a.m. ET Wednesday, and the deal is set to price thereafter.

Credit Suisse Securities (USA) LLC is the bookrunner.

The Rule 144A and Regulation S for life notes will become callable in four years at par plus 50% of the coupon. The notes also feature a three-year 35% equity clawback and a 101% poison put.

The Blacks Harbour, New Brunswick, company plans to use the proceeds to repay its revolving credit facility and a portion of its term loan and to provide funds for general corporate purposes.

Cooke Aquaculture, a privately owned, integrated fish producer, is the largest producer of Atlantic salmon in North America.

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