Sealord, which was forced to tap shareholders for funds to repay debt in 2010, has secured a new $190 million bank facility with longer terms, giving it greater leeway to meet future repayments.
The fishing company, jointly owned by Maori interests through Aotearoa Fisheries and Japan's Nippon Suisan Kaisha, entered into a new loan agreement with its existing banking syndicate in November, according to financial statements lodged with the Companies Office.
In 2010, Sealord borrowed some $69.9 million from shareholder Nippon to help meet $172.9 million of debt that matured that year to its then-syndicate made up of ANZ, HSBC and Rabobank. Its 2009 accounts were tagged by auditor Ernst & Young because of its reliance on continued bank support.
The shareholder loans were made in two tranches, with some NZ$63 million due in November of this year and a further US$10 million maturing in January 2019.
The new funding line is made up of a $30 million three-year working capital facility and a $160 million five-year multi-currency facility with ANZ National Bank, the London branch of Australia and New Zealand Banking, Bank of New Zealand, Bank of Tokyo and Rabobank.
That refinanced two tranches of the previous facility worth $73.5 million as at September 30, which were due for repayment this month and a further $59.9 million coming due in January next year.
NZN