American Seafoods moves funds between first- and second-lien term loans

By Sara Rosenberg

New York, July 27 – American Seafoods Group LLC upsized its six-year first-lien term loan (BB-) to $600 million from $565 million and downsized its 6.5-year second-lien term loan (CCC+) to $115 million from $150 million, according to a market source.

In addition, pricing on the first-lien term loan was lowered to Libor plus 325 basis points from Libor plus 375 bps, the source said.

The first-lien term loan still has a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

The company’s $775 million of senior secured credit facilities also include a $60 million five-year revolver (BB-).

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

Recommitments were due at 3 p.m. ET on Thursday, the source added.

Proceeds will be used to refinance existing debt.

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

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