Bank of America Business Capital Increases Bumble Bee Seafoods

Press Release:

Bank of America Business Capital Increases Bumble Bee Seafoods Credit Facility to $165 Million

Press Release
News Article February 2005

SAN DIEGO, Feb. 7 /PRNewswire/ -- Bank of America Business Capital, one of the world's largest asset-based lenders, announced today that it has increased the amount of its revolving credit facility for Bumble Bee Seafoods, LLC from $100 million to $165 million. The financing was used to acquire Castleberry/Snow's Brands, Inc. and the assets of Sara Lee's shelf-stable meats business. The revolver also provides for ongoing working capital needs. Connors Bros. Income Fund, through its subsidiaries, indirectly owns a majority interest in Bumble Bee Seafoods and its sister company in Canada, Clover Leaf Seafoods, L.P. Together, they represent the largest branded seafood company in North America.

"We selected Bank of America Business Capital to lead this transaction because of the success we've had working together on a number of deals," said Bumble Bee president and CEO Christopher D. Lischewski. "By funding the entire facility amount, they were able to meet our need to have the deal delivered in a short timeframe."

"We provided a creative financing solution to accommodate Bumble Bee's unique borrowing base," said Bank of America Business Capital president James G. Connolly. "This line increase gives Bumble Bee the liquidity to continue its growth strategy and become a worldwide brand leader in the manufacturing and distribution of seafood and canned meat products."

Founded in 1899, San Diego, California-based Bumble Bee Seafoods, LLC ( http://www.bumblebee.com/ ) is a leading branded canned seafood company, offering a full line of canned tuna, salmon, and specialty seafood products marketed under consumer household brands Bumble Bee, Brunswick, King Oscar and Orleans. Bumble Bee is the only remaining producer of canned tuna in the continental United States. Its canning operations are located in Santa Fe Springs, California and Puerto Rico.

Headquartered in New Brunswick, Canada, Connors Bros. Income Fund is an unincorporated open-ended trust established under the laws of the Province of Ontario, that indirectly holds, through its subsidiaries, a majority position in Bumble Bee Seafoods, LLC and Clover Leaf Seafoods, L.P. Fund units are listed on the Toronto Stock Exchange (TSX) under the symbol CBF.UN, and provide unitholders with monthly cash distributions that reflect the underlying strengths of its business. .

Headquartered in Augusta, Georgia, Castleberry/Snow's Brands, Inc. is the nation's leading producer of hot dog chili sauce, canned clams and clam juice. It is the second leading producer of branded beef stew in the U.S. The Sara Lee shelf-stable meats business consists of canned and pouched chicken, beef and pork products, which are sold in the retail and foodservice marketplaces, primarily under the Sweet Sue(R) and Bryan(R) brands.

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