Press release from CNW Group
Clearwater completes redemption of convertible debentures
Wednesday, July 11, 2012
Clearwater completes redemption of convertible debentures13:01 EDT Wednesday, July 11, 2012HALIFAX, July 11, 2012 /CNW/ - (TSX: CLR CLR.DB.A):Today, Clearwater Seafoods Incorporated ("Clearwater") reported that, it has completed the previously announced redemption of Canadian $43.4 million of 10.5% convertible debentures ("Debentures").The redemption of the Debentures was financed with the proceeds from the new debt facilities which Clearwater announced in a news release on June 6, 2012. No Debenture conversion requests were received and, therefore, the full $43.4 million face value was paid out to holders of the Debentures.Ian Smith, Clearwater's CEO commented, "Consistent with our goal of increasing shareholder value, this redemption eliminates high cost debt, strengthens our capital structure and our ability to the fund growth initiatives while further reducing overall leverage."ABOUT CLEARWATERClearwater is one of North America's largest vertically integrated seafood companies and the largest holder of shellfish licenses and quotas in Canada. It is recognized globally for its superior quality, food safety, diversity of species and reliable worldwide delivery of premium wild, eco-certified seafood, including scallops, lobster, clams, coldwater shrimp, crab and groundfish.Since its founding in 1976, Clearwater has invested in science, people and technological innovation as well as resource ownership and management to sustain and grow its seafood resource. This commitment has allowed it to remain a leader in the global seafood market and in sustainable seafood excellence.For further information: Robert Wight, Chief Financial Officer, (902) 457-2369; Tyrone Cotie, Treasurer, (902) 457-8181.