Mr. Darryl Bergman reports

HIGH LINER FOODS COMPLETES REFINANCING OF TERM DEBT

High Liner Foods Inc. has successfully completed a refinancing of its senior secured term loan. Proceeds from the refinancing, along with cash on hand, were used to repay the company's existing term debt and pay related fees and expenses. All figures are in U.S. dollars unless otherwise noted.

The $240-million term loan B was refinanced to bear interest at the SOFR (secured overnight financing rate) plus 3.25 per cent, with an SOFR floor of 0.50 per cent, which represents a 60-basis-point reduction, replacing the prior interest rate of SOFR plus 3.75 per cent and the 0.10-per-cent credit spread adjustment with an SOFR floor of 0.75 per cent. The maturity was also extended from October, 2026, to July, 2031. The company anticipates saving approximately $1.4-million in annual cash interest expense based on current borrowings and SOFR rates.

"With the favourable reduction in pricing and the extended maturity period, this improved arrangement gives the company increased financial flexibility to capitalize on future growth opportunities and invest in key initiatives that will drive long-term success, reinforcing the company's position as a branded value-added seafood leader in North America," stated Paul Jewer, president and chief executive officer of High Liner Foods.

BMO Capital Markets acted as left lead arranger for the financing. RBC Capital Markets, JP Morgan Chase Bank N.A., CIBC World Markets Corp. and Cooperatieve Rabobank U.A., New York branch, acted as joint lead arrangers and joint bookrunners for the debt repricing. Bank of Montreal also assumed the role as administrative agent on the term loan B.

About High Liner Foods Inc.

High Liner Foods is a leading North American processor and marketer of value-added frozen seafood. High Liner Foods' retail 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 branded products to restaurants and institutions under the High Liner, Icelandic Seafood and FPI labels, and is the major supplier of private-label value-added seafood products to North American food retailers and food service distributors. High Liner Foods is a publicly traded Canadian company, trading under the symbol HLF on the Toronto Stock Exchange.

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