American Seafoods Group seeks $775 million credit facilities

By Sara Rosenberg

New York, July 13 – American Seafoods Group LLC is in market with $775 million of senior secured credit facilities, according to a market source.

J.P. Morgan Securities LLC is the lead bank on the deal.

The facilities consist of a $60 million five-year revolver (B1/BB-), a $565 million six-year first-lien term loan (B1/BB-) and a $150 million 6.5-year second-lien term loan (Caa1/B-), the source said.

Price talk on the first-lien term loan is Libor plus 375 basis points with a 1% Libor floor and an original issue discount of 99, the source added.

The first-lien term loan has 101 soft call protection for six months.

Proceeds will be used to refinance existing debt.

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

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