Following guilty plea, Bumble Bee refinances its debt
U.S. canned seafood supplier Bumble Bee Holdco and its subsidiary, Bumble Bee Foods have refinanced 100 percent of the company’s debt.
Bumble Bee Food’s new debt structure includes borrowing a USD 200 million (EUR 169 million) asset-based revolving credit facility with Wells Fargo Capital Finance as administrative agent for five years. Meanwhile, Brookfield Principal Credit is the administrative agent for a six-year, USD 650 million (EUR 550 million) loan.
"We are very pleased to announce the refinancing of our debt, which solidifies our capital structure for the next five years," said Kent McNeil, executive vice president and chief financial officer of Bumble Bee Holdco. "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."
The company’s refinancing comes on the heels of its guilty plea last month in a price-fixing case brought by the U.S. Department of Justice. The plea agreement included a reduced fine due to concerns over the company’s financial solvency, according to court documents.