May 22, 2008

Pacific Andes loans US$160 million for expansion
 

Hong Kong seafood company Pacific Andes International is taking out a syndicated loan of US$160 million to settle debts and expand operations.
 

The four-year syndicated loan includes a term loan of US$100 million and a revolving loan of US$60 million.

The company will invest US$85 million from the loan to open a fish fillet plant in Shandong province. The plant's first phase, located in the city of Qingdao, would soon complete construction and would produce 60,000 tonnes of fish fillets annually.

The company currently operates 20 plants in China with a combined processing capacity of 90,000 tonnes per year. The new plant would increase total capacity to 150,000 tonnes.

The rest of the loan would be used to settle debts, build new plants and handle corporate operations.

Pacific Andes International was established in Hong Kong in 1986 as a seafood trading company. The firm is listed on the Hong Kong and Singapore Stock Exchanges and supply seafood products to customers in more than 35 countries from its processing facilities in China and the US.