High Liner Foods secures new credit facility

High Liner Foods Incorporated a leading North American value-added frozen seafood company, announced that it has entered into a new 3-year USD120M asset-backed credit facility similar to the Company's existing line of credit set to expire on January 20, 2011, reports www.megafishnet.com with reference to High Liner Foods.

The new facility will mature in November 2013, and based on current funded debt to EBITDA ratios, will be borrowed at LIBOR plus 1.75% or Prime. In addition, standby fees will be decreased to 0.375% on unused facilities.

"Securing access to this credit facility leaves us well-positioned to consider acquisition opportunities," explained Henry Demone, president and CEO, High Liner Foods Incorporated. "As a result of our continued growth in earnings, we have achieved a lower debt to EBITDA ratio which has allowed us to secure the new facility on terms better than those of our existing facility."

The credit facility was arranged and will be agented by the Royal Bank of Canada with JP Morgan Chase Bank, BMO Bank of Montreal and CIBC as additional syndicate members.

The details of the new credit facility will be filed on www.sedar.com  in the next few weeks.

About High Liner Foods Incorporated

High Liner Foods Incorporated is a leading North American processor and marketer of prepared, value-added frozen seafood.  High Liner's branded products are sold throughout the United States, Canada and Mexico under the High Liner, Fisher Boy, Mirabel and Sea Cuisine labels, and are available in most grocery and club stores.  The Company also sells its High Liner, FPI and Mirabel food service products to restaurants and institutions, and is a major supplier of private label seafood products to North American food retailers and food service distributors.  High Liner Foods is a publicly traded Canadian company, trading under the symbols HLF and HLF.A on the Toronto Stock Exchange.