American Seafoods to launch $520 million credit facility Tuesday

By Sara Rosenberg

New York, Sept. 7 - American Seafoods Group LLC is scheduled to hold a bank meeting on Tuesday to launch its proposed $520 million senior secured credit facility, according to an 8-K filed with the Securities and Exchange Commission Wednesday.

The new facility will consist of a $75 million six-year revolving credit facility, a $180 million seven-year delayed-draw term loan B and $265 million in a combination of six-year term loan A and seven-year term loan B debt.

The delayed-draw loan will be available for seven months.

Proceeds from the delayed-draw term loan will be available for the payment of principal, interest, call premium and other amounts outstanding on the company's 10 1/8% senior subordinated notes due 2010.

Proceeds from the funded term loans and the revolver will be used to refinance and replace existing bank debt at a lower interest rate, the filing added.

Closing on the new facility is targeted for early October.

American Seafoods is a Seattle-based integrated seafood company.

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