High Liner Foods launches $70 million add-on term B at 99.5 area OID

By Sara Rosenberg

New York, May 23 – High Liner Foods Inc. launched on Tuesday its fungible $70 million add-on term loan B due April 24, 2021 with original issue discount talk in the 99.5 area, according to a market source.

Pricing on the add-on term loan B is Libor plus 325 basis points with a 1% Libor floor, in line with existing term loan B pricing.

The add-on term loan B has 101 soft call protection for six months.

RBC Capital Markets is the lead arranger and bookrunner on the deal.

Commitments are due at 5 p.m. ET on June 1, the source added.

Proceeds will be used to help fund the acquisition of Rubicon Resources LLC. However, initially, the company will draw on its ABL facility to fund the acquisition.

Including the add-on, the term loan B will total $338 million.

High Liner is a Lunenburg, N.S.-based processor and marketer of frozen seafood. Rubicon is a Culver City, Calif.-based seafood company.

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