High Liner Foods

LUNENBURG, NS, April 24, 2014 /CNW/ - High Liner Foods Incorporated (TSX: HLF) ("High Liner Foods" or "the Company"), the leading North American value-added frozen seafood company, today announced that it concluded amendments to its senior secured term loan (the "Term Loan B") and asset-based revolving facility (the "ABL Facility").

The principal amendments to the Term Loan B are as follows:

• Increased the principal amount from $250M to $300M;
• Extended the term on the loan from December 2017 to April 2021;
• Reduced applicable interest rates for loans under the facility from LIBOR plus 3.50% (with a 1.25% LIBOR floor) to LIBOR plus 3.25% (with a 1.00% LIBOR floor);
• Leverage ratio financial covenant was removed; and
• Increased capacity and flexibility for acquisitions, investments, distributions, capital expenditures and operational matters.

In addition, the ABL Facility was amended concurrently with the Term Loan B amendments.  The principal ABL Facility amendments include lower interest costs, extending the term from December 2016 to April 2019, and increased capacity and flexibility for acquisitions, investments, distributions, capital expenditures and operational matters.

The Company plans to use the proceeds from the increase in the Term Loan B to pay down a portion of the ABL Facility.

RBC Capital Markets acted as Lead Arranger and Bookrunner for the debt amendments.

About High Liner Foods Incorporated

High Liner Foods Incorporated is the 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, FPI, Viking, Mirabel, Samband of Iceland and American Pride Seafood 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.

This document contains forward-looking statements. Forward-looking statements can generally be identified by the use of the conditional tense, the words "may", "should", "would", "believe", "plan", "expect", "intend", "anticipate", "estimate", "foresee", "objective" or "continue" or the negative of these terms or variations of them or words and expressions of similar nature. Specific forward-looking statements in this document include, but are not limited to expectations with respect to: increased capacity for capital expenditures, distributions, including any payment of same; increased flexibility and capacity for operational matters, acquisitions and permitted investments, including whether or not investments will be made; increased flexibility under the ABL Facility and Term Loan B; annual and/or aggregate savings from amendments to debt facilities. These statements are based on a number of factors and assumptions including, but not limited to: the LIBOR interest rate and prime lending interest rates in Canada and the United States; decisions of the directors of the Company regarding capital expenditures, distributions and repurchases; opportunity and availability to make permitted investments under the debt facilities; and the amount and timing of the capital expenditures in excess of normal requirements to allow facilitate production improvements by the Company. The statements are not a guarantee of future performance or events. By their nature, forward-looking statements involve uncertainties and risks that the forecasts and targets will not be achieved. Readers are cautioned not to place undue reliance on forward-looking statements, as actual results may differ materially from those expressed in such forward-looking statements. We include in publicly available documents filed from time to time with securities commissions and The Toronto Stock Exchange, a discussion of the risk factors that can cause anticipated outcomes to differ from actual outcomes. Except as required under applicable securities legislation, we do not undertake to update forward-looking statements, whether written or oral, that may be made from time to time by us or on our behalf, whether as a result of new information, future events or otherwise.

For further information about the Company, please visit our website at www.highlinerfoods.com or send an e-mail to investor@highlinerfoodinc.com.

SOURCE High Liner Foods Incorporated

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