Ocean Choice receives big credit boost
Canadian seafood company Ocean Choice International has received a CAD 240 million (USD 179 million, EUR 169 million) loan refinancing that will give it greater flexibility to develop its operations.
The St. John’s, Newfoundland-based vertically integrated seafood company received the refinancing through a syndicate of North American banks, led by KeyBanc Capital Markets and Desjardins Capital Markets.
“This transaction is an important milestone for the future of OCI as a leading global seafood supplier,” Ocean Choice CEO Martin Sullivan said in a company press release. “The new credit facilities provide OCI with a flexible capital structure that will allow the company to continue to grow and develop its operations for the benefit of all stakeholders, including our customers, employees and the communities in which we operate.”
Ocean Choice operates six frozen-at-sea groundfish and shellfish fishing vessels, five processing plants and a global sales and marketing team, employing more than 1,700 workers, primarily in Atlantic Canada.
In 2007, Ocean Choice received funding from Icelandic banking firm LBI ehf, formerly Landsbanki, to acquire Fishery Products International. That relationship ended earlier this year when Landsbanki informed Ocean Choice it would not renew its financing. Ocean Choice hired Antarctica Advisors LLC, a seafood industry focused advisory firm, in its successful search for a new source of financing.
“Antarctica provided valuable advice to OCI throughout the refinancing process that has resulted in a long-term capital structure that fits our needs,” Sullivan said.
Ocean Choice COO Blaine Sullivan said the new funding source will help Ocean Choice improve its operations.
“OCI has successful operations with positive financial results and we will continue to build upon our momentum to deliver the highest quality products to our customers around the globe,” Blaine Sullivan said. “We are pleased with the results of the refinancing process and want to thank our employees who have been unwavering throughout the process.”