High Liner Foods Completes Incremental Term Debt and Extension of Asset-Based Debt

Executive Summary

• High Liner Foods completed a US$60 million incremental addition to its senior secured Term Loan B, increasing total term debt to US$292.5 million.
• The company also extended the maturity of its US$200 million Asset‑Based Revolving Credit Facility by five years, keeping the same pricing and lender group.
• Net proceeds from the term loan will be used to repay ABL borrowings related to the recent acquisition of Mrs. Paul’s and Van de Kamp’s U.S. retail brands and to fund elevated working‑capital needs, enhancing liquidity and financial flexibility.

Key Details

• Term Loan B Incremental: US$60 million added; priced on same terms as existing facility; oversubscribed.
• Total Term Debt Post‑Transaction: US$292.5 million.
• Use of Proceeds: Repayment of ABL borrowings tied to Mrs. Paul’s & Van de Kamp’s acquisition; support for working capital.
• ABL Facility Extension: Maturity extended by 5 years from closing date; commitment remains at US$200 million; pricing unchanged.
• Lender Participation – TLB Incremental:
• Administrative Agent: Bank of Montreal
• Joint Lead Arrangers/Bookrunners: BMO Capital Markets, RBC Capital Markets, JPMorgan Chase (N.A.), CIBC World Markets, Coöperatieve Rabobank U.A., New York Branch.
• Lender Participation – ABL Extension:
• Administrative Agent: Royal Bank of Canada
• Joint Lead Arrangers/Bookrunners: RBC Capital Markets, JPMorgan Chase (N.A.) Toronto Branch, Bank of Montreal.
• Strategic Rationale: Strengthens credit profile, provides liquidity for integration of newly acquired brands and ongoing operations.

Notable Quotes

“Our ability to attract strong interest from both our existing lenders and new institutional partners speaks to the quality of our credit profile and the strength of our banking relationships,” – Kimberly Stephens, Executive Vice President & Chief Financial Officer.

Forward‑looking statements included; actual results may differ.