ASG trims pricing on $475 million facility to Libor plus 400 bps

By Sara Rosenberg

New York, April 21 - ASG Consolidated LLC reduced pricing on its $475 million credit facility (Ba3/BB-) to Libor plus 400 basis points from Libor plus 450 bps, according to a market source.

In addition, the original issue discount on the $390 million term loan was lowered to 99 from 981/2, the source said.

Both the term loan and the $85 million revolver still include a 1.5% Libor floor.

Commitments are due on Friday.

Bank of America, Wells Fargo and DNB are the lead banks on the deal.

Proceeds from the credit facility, along with $275 million subordinated notes and $125 million of holdco notes, will be used to refinance existing debt.

As part of this refinancing, the company commenced on Tuesday a cash tender offer for any and all of its 11½% senior discount notes due 2011.

The tender offer will expire on May 17.

ASG Consolidated is a Seattle-based harvester, processor, preparer and supplier of seafood.

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