NewswireToday - /newswire/ -
Montréal, Québec, Canada, 2013/06/26 - 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 (TSX: CLR, CLR.DB.A) (NYSE: GE) - GECapital.ca. NYSE: GE
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.
Founded in 1976, Clearwater is one of North America's largest vertically integrated seafood companies.
"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. It is recognized globally for its superior quality, food safety, diversity of species and reliable worldwide delivery of premium wild, eco-certified seafood, including scallops, lobster, clams, coldwater shrimp, crab and groundfish.
Since its founding in 1976, Clearwater has invested in science, people and technological innovation as well as resource ownership and management to sustain and grow its seafood resource. This commitment has allowed it to remain a leader in the global seafood market and in sustainable seafood excellence.
About GE Capital, Canada
With 19 offices throughout Canada, GE Capital (gecapital.ca) offers a wide variety of financial products and services to address commercial financing and fleet management needs in many phases of a business' lifecycle. From equipment finance to working capital and growth financing to large asset-based and restructuring loans, we apply our wealth of industry expertise to develop custom solutions for your company. Some of the industries in which we specialize include transportation, construction, manufacturing, aerospace, automotive, mining, energy, wholesale, retail, restaurant and hotel franchise financing.
GE (ge.com) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works.
Contact: Brigitte Dagnault - E: Brigitte.Dagnault[.]ge.com