SOURCE: Glitnir

August 15, 2008 08:16 ET

Glitnir advises on public-to-private transaction of Clearwater Seafoods Income Fund, a leading Canadian seafood company

REYKJAVIK, ICELAND--(Marketwire - August 15, 2008) -


Photo of Magnús Bjarnason

Reykjavik/New York/Halifax August 15th 2008 - Glitnir, the leading provider of financing and advisory services to the global seafood industry, has provided a suite of services to Halifax-based Clearwater Fine Foods, Inc ("CFFI") and its partners in their offer to take-private Toronto Stock Exchange listed Clearwater Seafoods Income Fund (the "Fund"), the controlling entity of Clearwater Seafoods Limited Partnership .

Glitnir Capital Corporation (New York) seafood advisory team played a key role in bringing together leading strategic and financial partners into a solid investment consortium as well as in structuring and execution of the transaction. Canada's TD Securities collaborated in the execution effort.

In addition, Glitnir's Credit teams in Canada and Iceland provided debt financing while Iceland's Capital Markets participated strongly in debt restructuring for the transaction, as well as to bring in several Icelandic based investors. Equity Investment complemented this cross-border team effort by providing equity structuring support. Together, these coordinated actions re-affirm Glitnir's delivery capability as a leading bank within the seafood industry.

Commenting on the transaction, John Risley, President of CFFI and Stan Spavold, Executive Vice-President said:

"We are pleased to have had Glitnir as our financial partner throughout this highly important transaction for the company. Once again, they proved their Advisory execution and delivery capabilities, deep industry knowledge and ability to participate at all levels of the capital structure"

Magnús Bjarnason, Executive Vice President, International Banking, added:

"This is a major transaction within the seafood industry and we are delighted to have played such a key role in both its structuring and financing. The seafood sector is one of Glitnir's key niche industry markets, representing our long tradition of service to the sector. Drawing on the breadth of our skills, including M&A advisory, corporate lending, as well as the strength of Glitnir's international reach and strong presence in Canada out of our Halifax Branch, we have been able to demonstrate the bank's considerable talents in this important global industry even in times of market turbulence."

About Clearwater

Clearwater Seafoods Limited Partnership (CSLP) is a leading Halifax-based harvester and processor of premium seafood, including scallops, lobster, clams, coldwater shrimp, crab and ground fish supplying quality products to clients all over the world. CSLP is controlled by Clearwater Seafoods Income Fund, a Canadian Income Trust. In Fiscal Year 2007 CSLP posted Revenues over CA$ 300 million and the Fund currently has a market-based enterprise value upwards of CA$ 350 million. For more information: www.clearwater.ca

About Glitnir Bank

Glitnir is a Nordic bank, with headquarters in Iceland and operations in ten countries. Our home markets are Iceland and Norway, where we offer a broad range of financial services, including corporate banking, investment banking, capital markets, investment management and retail banking. Outside of our home markets we have substantial operations in the US (Glitnir Capital Corporation), Canada, Finland, Sweden, UK, Luxembourg China and Russia. Glitnir also operate with representative offices to support the global seafood niche strategy in Chile, Peru and Japan. Glitnir will furthermore open an office in India in the second half of 2008. Our international expansion is mainly driven by two specialized industry sectors - seafood and sustainable energy - in which we have developed significant industry expertise built on our Icelandic and Norwegian heritage. Our shares are listed on OMX in Iceland under the symbol GLB. For more information, please visit: www.glitnirbank.com


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