American Seafoods $520 million credit facility to be led by Bank of America

By Sara Rosenberg

New York, Sept. 8 - American Seafoods Group LLC's proposed $520 million senior secured credit facility will be led by Bank of America, which will be acting as lead arranger and bookrunner, a company spokesman told Prospect News on Thursday.

The new facility, which is scheduled to launch via a bank meeting on Tuesday, will consist of a $75 million six-year revolver, 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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