High Liner Foods firms $300 million term B at Libor plus 325 bps

By Sara Rosenberg

New York, April 23 - High Liner Foods Inc. finalized pricing on its $300 million seven-year term loan B (B2/B+) at Libor plus 325 basis points, the wide end of the Libor plus 300 bps to 325 bps talk, according to a market source.

The loan still has a 1% Libor floor, an original issue discount of 99½ and 101 soft call protection for six months.

The company's $480 million credit facility also includes a $180 million five-year ABL revolver.

RBC Capital Markets is the lead bank on the deal.

Proceeds will be used to refinance existing debt.

High Liner is a Lunenburg, N.S.-based processor and marketer of frozen seafoods and pasta.

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