Connors Bros. Income Fund Amends Credit Agreement

    TORONTO, Sept. 27 /CNW/ - Connors Bros. Income Fund (TSX: CBF.UN)
announced today that it has received approval from its lending group to amend
the terms of its $275 million credit facility effective immediately. The
amendment was necessary to adjust key covenants and other credit terms as a
result of expenses incurred associated with the product recall of one of its
U.S. subsidiaries, Castleberry's Food Company. The primary changes to the
credit agreement include:

    (1) Amending leverage ratio and distribution payment covenants to exclude
        the impact of the recall, and re-setting covenants to ensure the
        business has the flexibility to operate and grow, while at the same
        time protecting the interests of lenders
    (2) Increasing the capital spending covenants in 2007 and 2008 to allow
        for planned spending on the new ERP system
    (3) Allowing the resumption of monthly distribution payments in
        March 2008, or sooner if the cost of the recall is significantly less
        than originally estimated ($35 million)
    (4) Increasing the interest rate by 50 basis points on both the
        $200 million term loan and the $75 million revolver

    "We are pleased to get approval from our lenders to this amendment which
will enable us to continue to manage and grow the business despite the cost of
the recall," said Kent McNeil, Executive Vice President and Chief Financial
Officer of the Fund's subsidiaries. "Having our lenders strongly support and
approve this amendment reinforces their confidence in our business and our
ability to generate cash to meet both our investor and lender needs. We look
forward to moving past the recall event and the costs associated with it, and
getting back to delivering the kind of solid results our investors expect from
    The full amended and restated credit agreement is available on SEDAR.

    Connors Bros. Income Fund is an unincorporated open-ended trust
established under the laws of the Province of Ontario that indirectly owns,
through its subsidiaries, a 100% interest in Clover Leaf Seafoods, L.P. and
Bumble Bee Foods, LLC. Together, these two operating companies comprise North
America's largest branded seafood company. The company offers a full line of
canned tuna, salmon, sardine and specialty seafood products, marketed under
leading brands including Clover Leaf(R), Bumble Bee(R), Brunswick(R),
Snow's(R) and Beach Cliff(R), as well as a full-line of canned chicken and
canned meat products in the U.S. under the Castleberry's(R), Sweet Sue(R), and
Bryan(R) brand names. The statements contained in this news release that are
forward-looking are based on current expectations, and are subject to a number
of uncertainties and risks, and actual results may differ materially. These
uncertainties and risks include, but are not limited to: availability of
resource, competitive pressures and changes in market activity, risks
associated with U.S. and international sales and foreign exchange, and
regulatory requirements. Further information can be found in the disclosure
documents filed by Connors Bros. Income Fund with the Canadian securities
regulatory authorities, available at
    %SEDAR: 00016892E

For further information:

For further information: please visit the Fund's website at, or contact: Kent McNeil, Executive Vice President and Chief
Financial Officer, Connors Bros., Ltd., (858) 715-4076; Source: Connors Bros.
Income Fund

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