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.
Omega Secures Financing To Improve Business
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.
