ASG sets Tuesday call to launch $100 million term A, term B repricing

By Sara Rosenberg

New York, Feb. 28 - American Seafoods Group LLC (ASG) is scheduled to hold a lender call on Tuesday to launch a new $100 million term loan A and a repricing of its term loan B, according to a market source.

Bank of America Merrill Lynch is the lead bank on the deal.

Proceeds from the term loan A will be used to pay down the term loan B that was originally sized at $390 million when it was obtained in 2010 as part of a refinancing transaction.

Price talk on the term loan A is expected in the Libor plus upper 200 basis points area, and the repriced term loan B is talked at Libor plus 300 bps with a 1.25% Libor floor and a par offer price, the source said.

When completed in 2010, pricing on the term loan B was Libor plus 400 bps with a 1.5% Libor floor, and it was sold at an original issue discount of 99.

American Seafoods is a Seattle-based harvester, processor, preparer and supplier of seafood.

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