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Ocean Beauty secures asset-based loan

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By SeafoodSource staff
29 July, 2010 - One of the Pacific Northwest’s largest seafood producers has secured a USD 120 million (EUR 91.8 million) asset-based loan.

A group of creditors, led by GE Capital, provided the loan to Seattle-based Ocean Beauty Seafoods, which operates seafood processing, distribution and sales outlets throughout the continental United States, Alaska and Japan and is the United States’ largest smoked-salmon maker.

Norwalk, Conn.-based GE Capital made the announcement in a press release on Wednesday.

“We’re dedicated to providing financial solutions that meet the unique financing needs of our clients,” said Tom Quindlen, president and CEO of GE Capital, Corporate Finance, one of the country’s largest providers of asset-base loans. “Providing businesses with the liquidity critical to executing their business objectives is our specialty.”

Ocean Beauty CFO Tony Ross praised GE Capital for its seafood industry expertise, commitment and speed in delivering the loan.

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