HALIFAX, 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
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."
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, (902) 457-2369; Tyrone Cotie, Treasurer, (902) 457-8181.