American completes refinancing, Coastal buyout

This just in from American Seafoods:

May 10, 2010

American Seafoods Completes Refinancing and Buyout of Significant Equity Holder

SEATTLE (BUSINESS WIRE) — American Seafoods today 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.

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."

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.

"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," Bodal said.