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American Seafoods is a leader in the harvesting, processing, preparation and supply of quality seafood

American Seafoods Completes Refinancing

  (UNITED STATES, 5/23/2010)

American Seafoods has announced it completed a refinancing of all the outstanding debt of American Seafoods Group LLC and ASG Consolidated LLC, the direct parent of American Seafoods Group. Concurrent with the refinancing, the Company redeemed the entire ownership interest of a significant equity holder, Coastal Villages Region Fund.

CEO Bernt O. Bodal
The company refinanced ASG Consolidated’s high yield bonds and American Seafoods Group’s senior credit facility, significantly extending the maturities on its debt. “The refinancing represents a significant accomplishment for the company,” said Bernt O. Bodal, CEO of American Seafoods. “The fact that we were able to complete a transaction like this in a difficult economic environment is a testament to the strong support of our lending partners and the stellar reputation the company enjoys among the financial community,” Bodal said.
  
Also, in connection with the refinancing, American Seafoods redeemed all of the outstanding equity interests of Coastal Villages’ in exchange for the pollock catcher processor Northern Hawk, the freezer-longline vessels Lilli Ann, North Cape and Deep Pacific and certain fishing rights. The completion of the buyout results in Bodal and the rest of the management team increasing their ownership to over 70 percent of the company. As part of the buyout, American will provide management and marketing services to Coastal Villages – enhancing its revenue opportunities over the next few years.
 
American Seafoods is a leader in the harvesting, processing, preparation and supply of quality seafood
 
“The buyout offers a terrific opportunity for all of the continuing owners of American Seafoods to increase their ownership stake and positions us well for the long-term growth of the company,” said Bodal.
  
About American Seafoods
 
American Seafoods is a leader in the harvesting, processing, preparation and supply of quality seafood. Harvesting a variety of fish species, the Company processes seafood into an array of finished products, both on board its state-of-the-art fleet of vessels and at its HACCP (Hazard Analysis and Critical Control Point ) approved production facilities located in Massachusetts.
 
The Company produces a diverse range of fillet, surimi, roe and block product offerings, made from Alaska pollock, Pacific whiting, Pacific cod and sea scallops. Finished products are sold worldwide through an extensive global distribution and customer support network.
 
American Pride is American Seafoods' division for consumers and retail customers in the domestic markets of North America and the Frionor brand, which is now represented by American Pride Seafoods, offers premium seafood products to the international markets.
 
From the ocean to the plate, American Seafoods has established a global sourcing, selling, marketing and distribution network bringing quality seafood to consumers worldwide.
 
Related Article
 
Margaret E.L. Stacey
Editor Companies and Products


Information of the company:
Address: 2025 First Avenue, Suite 900
City: Seattle
State/ZIP: Washington (WA 98121)
Country: United States
Phone: +1 206 374 1515
Fax: +1 206 374 1516
E-Mail: [email protected]
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Approval / Accreditation / Certified / Oversight by...
Friend of the Sea  HACCP  MSC/Marine Stewardship Council  E.U.  USDA/USDC & FDA  RF (Russia) 



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