Omega Secures Financing To Improve Business

The Fish Site
by The Fish Site
3 June 2010, at 1:00am

US - Omega Protein Corporation has announced that it has closed a $10 million term loan with the US Department of Commercial Fisheries Finance Programme, to re-invest in the business to reduce its emissions as well as improve product quality.

Proceeds from the loan will be used to reimburse the Company for prior expenditures for fishing vessel refurbishments and a state-of-the-art dryer system.

The loan has a term of 15 years, is paid on a quarterly basis, and bears an interest rate at 5.73 per cent per year. The loan is secured by first liens on a Company fishing vessel and certain assets located at the Company's Reedville, Virginia facility.

Omega Protein Corporation is a large manufacturer of heart-healthy fish oils containing Omega-3 fatty acids for human consumption, as well as specialty fish meals and fish oil used as value-added ingredients in aquaculture, swine and other livestock feeds.

Omega Protein makes its products from menhaden, an Omega-3 rich fish that is not utilised as seafood, but which is abundantly available along the US Gulf of Mexico and Atlantic Coasts.