TORONTO, June 6, 2012 - GE Capital, Corporate Finance today announced that it co-led $265 million in revolving and term loan credit facilities for Clearwater Seafoods (TSX: CLR, CLR.DB.B, CLR.DB.A). The facilities will be used to refinance Clearwater's existing debt and support growth. GE Capital Markets structured the loans and served as joint lead arranger of the credit facilities.
Founded in 1976, Clearwater is one of North America's largest vertically integrated seafood companies.
"We appreciate having a financial provider with all of the human and capital resources of GE Capital," said Ian Smith, chief executive officer of Clearwater.
"We're very pleased to be able to expand our long relationship with Clearwater as they continue to build their business," said Ellis Gaston, managing director, GE Capital, Corporate Finance, Canada. "Our domain expertise across North America in the food industry, our capital markets capabilities and our significant share of the entire facility, assisted Clearwater in successfully executing this transaction."
About Clearwater
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 more than 20 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 all 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 and develop custom solutions for your company. Some of the industry sectors we specialize in include transportation, construction, healthcare, agriculture, forestry, manufacturing, oil & gas, wholesale and retail, restaurant and hotel franchise.
GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit gecapital.com or follow company news via Twitter (@GECapital). GE (NYSE: GE) 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. For more information, visit the company's website at ge.com.
# # #
Contacts:
GE Capital, Americas
Ned Reynolds
203-229-5717
Ned Reynolds
GE Capital
[email protected]
+1 203 2295717
+1 203 8370699