High Liner Foods Incorporated Completes FPI Acquisition and $120 Million in Canadian and US Asset Based Credit Facilities

On December 20, 2007, High Liner Foods Incorporated, one of North America's largest processors and marketers of prepared frozen seafood, completed its purchase of FPI Limited's North American food service and retail frozen seafood businesses for the aggregate sum of $161,500,000.

On December 20, 2007, as part of the leveraged acquisition, High Liner Foods Incorporated and its US subsidiary High Liner Foods (USA), Incorporated closed $120,000,000 in Canadian and US asset based credit facilities. The facilities were agented by Royal Bank of Canada and by CIT Business Credit Canada Inc. (owned equally by Canadian Imperial Bank of Commerce and CIT Group Inc.).

Royal Bank of Canada and CIT Business Credit Canada Inc. were represented in Canada by Ogilvy Renault LLP with a team comprised of Kevin Morley, David Amato and Serge Levy and in the United States by Riemer & Braunstein LLP with a team consisting of David Berman and Marjorie Crider.

High Liner Foods Incorporated and High Liner Foods (USA) Incorporated were represented in Canada by General Counsel Claire Milton; by Stewart McKelvey with a financing team comprised of Maurice Chiasson, Richard Jones, QC, and Christine Pound and an acquisition team comprised of Gavin Stuttard and Andrew Burke; and in the United States by Goodwin Procter LLP with a team comprised of Brian McPeake, Michael Cohen and David Dietz.