China Fishery secures US$650m credit facility

CHINA Fishery Group Limited has completed a series of transactions that would significantly enhance its capital structure and deployment as the industrial fishing group digests its mega US$788 million acquisition of Copeinca ASA, the world's third-largest fishmeal and fish oil producer.

The fishing arm of Pacific Andes International Holdings faces potential downgrades by credit rating agencies after the acquisition sent its debt level soaring.

The group had US$578 million of debt at the end of 2013. It has been looking to refinance a US$354 million bridge loan raised to fund the Copeinca acquisition and is due to be repaid at the end of the month.