Bumble Bee Holdco and its subsidiary, Bumble Bee Foods, refinanced 100% of the company’s debt.
The new debt structure includes:
- A five-year term, $200 million asset-based revolving credit facility with Wells Fargo Capital Finance as administrative agent
- A six-year term, $650 million term loan facility with Brookfield Principal Credit as lead arranger and administrative agent
In connection with the execution of these credit arrangements, notice of redemption was provided to the holders of the company’s 9% senior secured notes and senior unsecured PIK toggle notes indicating that those notes would be called at par plus all related accrued and unpaid interest on September 14, 2017.
“We are very pleased to announce the refinancing of our debt which solidifies our capital structure for the next five years,” said Kent McNeil, the company’s executive vice president and chief financial officer. “The completion of this endeavor is a reflection of the long-standing financial consistency of the business and will provide a platform for the continued operation and growth of Bumble Bee going forward.”
Bumble Bee and Clover Leaf offer a full line of canned and pouched tuna, salmon, sardine and specialty protein products marketed in the U.S. as Bumble Bee, Brunswick, Snow’s and Beach Cliff brands and in Canada under the Clover Leaf and Brunswick brands.