Clearwater Seafoods Income Fund Announces Closing of $43.5 million Convertible Debenture Financing


    HALIFAX, March 9 /CNW/ - Clearwater Seafoods Income Fund (the "Fund")
(TSX:CLR.UN) and Clearwater Seafoods Limited Partnership ("Clearwater") have
announced today that the Fund has completed an offering of $43,500,000
aggregate principal amount of convertible unsecured subordinated debentures.
The offering was undertaken on a bought deal basis by a syndicate of
underwriters led and bookrun by TD Securities Inc. with co-lead underwriters
BMO Capital Markets and Scotia Capital Inc. and including CIBC World Markets
Inc., National Bank Financial Inc. and Beacon Securities Limited. In addition,
the Fund has granted the syndicate an over-allotment option, exercisable for a
period of 30 days following closing, to purchase an additional $6,525,000 of
debentures which, if exercised, would increase the gross proceeds of the
offering to $50,025,000.
    The net proceeds of the offering will be used to enhance Clearwater's
capital structure and more importantly to provide the flexibility to allow
Clearwater to pursue potential accretive acquisitions that will be a strategic
fit with its plan for growth.

    About Clearwater

    Clearwater is recognized for its consistent quality, wide diversity and
reliable delivery of premium seafood, including scallops, lobster, clams, cold
water shrimp, crab and groundfish.
    Since its founding in 1976, Clearwater has invested in science, people,
technology, resource ownership and resource management to preserve and grow
its seafood resource. This commitment has allowed it to remain a leader in the
global seafood industry.
    %SEDAR: 00018023E

For further information:

For further information: Robert Wight, Chief Financial Officer,
Clearwater, (902) 457-2369; Tyrone Cotie, Director of Corporate Finance and
Investor Relations, Clearwater, (902) 457-8181

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890