Daily News: June 27, 2013

GE Capital Co-Leads Expanded Facility for Clearwater Seafoods

GE Capital, Corporate Finance announced that it is serving as administrative agent on approximately $350 million in revolving, term loan and delayed-draw term loan credit facilities for Clearwater Seafoods. The facilities will be used to enhance Clearwater’s capital structure as well as provide financing for a $45 million investment in a new vessel for clam harvesting operations. GE Capital Markets served as joint lead arranger and joint bookrunner for the credit facilities.

“We appreciate working with GE Capital, a financial advisor that offers much more than just capital,” said Ian Smith, chief executive officer of Clearwater. “For example, the team at GE provided us with great thought leadership in the use of technology to drive the efficient use of energy.”

“We’re pleased to expand our long relationship with Clearwater as they continue to grow their business,” said Kathy Lee, president and CEO, GE Capital, Canada. “Our expertise across North America in the food industry, and our capital markets capabilities, assisted Clearwater in successfully executing this transaction.”

Clearwater is one of North America’s largest vertically integrated seafood companies and the largest holder of shellfish licenses and quotas in Canada.