Press release from CNW Group
Clearwater completes redemption of 7.25% convertible debentures
Monday, July 29, 2013
Clearwater completes redemption of 7.25% convertible debentures12:56 EDT Monday, July 29, 2013
HALIFAX, July 29, 2013 /CNW/ - (TSX: CLR):
Today, Clearwater Seafoods Incorporated ("Clearwater") reported that, it has completed the previously announced redemption of Canadian $44.4 million of 7.25% 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 25, 2013. No Debenture conversion requests were received and, therefore, the full $44.4 million face value was paid out to holders of the Debentures.
Ian Smith, Clearwater's CEO commented, "this redemption eliminates Clearwater's high cost debt ensuring we have a competitive cost of capital".
Clearwater 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.
SOURCE Clearwater Seafoods Incorporated
For further information:
Robert Wight, Chief Financial Officer, Clearwater, (902) 457-2369 or Tyrone Cotie, Treasurer, Clearwater, (902) 457-8181