American Seafoods on Monday announced that it has completed refinancing all of its outstanding debt, including buying out Coastal Villages Region Fund’s share of the Seattle-based company.
American has redeemed all of Coastal Villages’ outstanding equity interests in exchange for the pollock catcher-processor Northern Hawk, the freezer-longline vessels Lilli Ann, North Cape and Deep Pacific and certain fishing rights.
As a result of the buyout, American CEO Bernt Bodal and the rest of the management team increased their ownership to more than 70 percent of the company.
“The refinancing represents a significant accomplishment for the company,” said Bodel. “The fact that we were able to complete a transaction like this in a difficult economic environment is a testament to the strong support of our lending partners and the stellar reputation the company enjoys among the financial community."
“The buyout offers a terrific opportunity for all of the continuing owners of American Seafoods to increase their ownership stake and positions us well for the long-term growth of the company,” he added.
As part of the buyout, American will provide management and marketing services to Anchorage, Alaska-based Coastal Villages, enhancing its revenue opportunities over the coming years.
American Seafoods is the United States’ largest harvester and at-sea processor of pollock and hake, holding about 45 percent of the catcher-processor share in the U.S. Bering Sea.
