American finalizes Coastal Villages buyout
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.