Ocean Choice International completes credit facility refinancin
2016-11-22 11:50:38   copyfrom:    hits:

OCI& 39;s processing plant in Marystown (Photo: OCI)gCANADAMonday, November 21, 2016,23:50 (GMT + 9)Global seafood

OCI's processing plant in Marystown. (Photo: OCI)


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Monday, November 21, 2016, 23:50 (GMT + 9)


Global seafood supplier Ocean Choice International (OCI) has completed the refinancing of its credit facilities through a syndicate of North American banks under the co-leadership of Desjardins Capital Markets and KeyBanc Capital Markets.

Antarctica Advisors LLC, the leading Seafood Industry-focused advisory firm, acted as the investment banking advisor to OCI in the CAD 240 million (USD 177.6 million) refinancing of its credit facilities.

“This transaction is an important positive milestone for the future of OCI as a leading global seafood supplier. 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,” pointed out Martin Sullivan, Chief Executive Officer.

“Antarctica provided valuable advice to OCI throughout the refinancing process that has resulted in a long term capital structure that fits our needs,” stressed Sullivan.

The company also thanked its previous banker, LBI ehf (formerly Landsbanki), who has been the company’s banker since 2005 and assisted in the acquisition of the Fishery Products International Limited primary group assets in December 2007.

For his part, Ignacio Kleiman, Managing Partner of Antarctica Advisors, commented: "The new capital structure provides OCI with the flexibility to continue on its path and pursue new and exciting opportunities.”

Kleiman also highlighted that their seafood team leveraged its relationships in the North American credit markets to identify the capital providers and subsequently arrange for and negotiate a financing structure that is tailored to the needs of OCI.

St. John's, Newfoundland-based OCI is a leading vertically integrated seafood company engaged in harvesting, processing and marketing of a diverse range of Groundfish and Shellfish species for domestic and international markets.

The firm operates six frozen-at-sea fishing vessels and five processing plants employing over 1,700 people in Atlantic Canada and at sales offices around the world.


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