MONTREAL, June 26 /CNW Telbec/ - GE Capital in Canada today announced
that the completed agreements with Clearwater Seafood Income Fund
("Clearwater") to refinance its maturing debt facilities have been filed by
the company with the Ontario Securities Commission earlier today.
The refinancing consists of a new $60 million asset based revolving
credit facility with a three-year term fully underwritten by GE Capital in
Canada and a new $59.5 million term facility also with a three year term,
underwritten by GE Capital, Export Development Canada ("EDC"), The Business
Development Bank of Canada ("BDC"), and the Province of Nova Scotia, through
the Industrial Expansion Fund.
Based in Nova Scotia, Clearwater is a leader in the global seafood
industry and one of the largest harvesters, processors and distributors of
seafood products in Canada.
"We appreciate GE Capital's commitment to our business in underwriting
the working capital facility and leading the syndicate in the term debt
component. During this time when credit markets are tough, it is important to
partner with an organization you can trust and one that will be there for the
long term," commented Colin MacDonald, Chairman and Chief Executive Officer of
"GE Capital has a long standing relationship with Clearwater and it gives
us great pleasure to demonstrate our commitment to the company's growth
through our involvement as Agent on both credit facilities. In so doing, we
also gain from the opportunity of extending our expertise in a vital Canadian
industry with a global reach," said Ellis Gaston, Managing Director of
Corporate Finance at GE Capital in Canada.
About GE Capital
With more than 20 offices throughout Canada, GE Capital (gecapital.ca) is
a leading provider of financial and fleet management solutions to businesses
operating in a broad range of economic sectors, including construction,
transportation, energy, manufacturing and retail. The business' customized
solutions include leases, asset based working capital and term financing, cash
flow financing, corporate aircraft, franchise and fleet financing as well as
financial solutions and services to equipment manufacturers, operators,
distributors, dealers and their end users. GE (NYSE: GE) is Imagination at
Work - a diversified technology, media and financial services company focused
on solving some of the world's toughest problems. For more information, visit
the company's Web site at ge.com.
For further information:
For further information: Marina Brzeski, Communications Leader, Canada,
GE Capital, (514) 713-5321, firstname.lastname@example.org