American Seafoods amends leverage ratio, changes adjusted EBITDA definition

By Sara Rosenberg

New York, Oct. 5 - American Seafoods Group LLC amended its credit facility increasing the leverage ratio to 4.75 beginning Sept. 30 and changing other covenants to provide necessary relief, and excluding expenses from the adjusted EBITDA definition, including up to $19 million of write-off offering costs related to the Income Deposit Securities offering, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

Furthermore, the amendment, which became effective Sept. 29, permits the sale of up to $7.5 million of some distribution-related assets used in the company's catfish operations and permits future senior discount notes offerings by the parent company.

Bank of America is administrative agent, Harris Trust and Savings Bank is documentation agent and The Bank of Nova Scotia is syndication agent.

The company initially filed an S-1 for the IDS offering in May 2003, and the company withdrew the offering from the market in August 2004 due to poor market conditions. On Sept. 30, the company definitively determined that it was probable that it would not proceed with the initial public offering of its IDS, and on Tuesday the company withdrew the S-1 filing.

American Seafoods is a Seattle harvester and at-sea processor of pollock and hake, and a processor of catfish.

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