Integrated Asset Management Corp. (“IAM”) (TSX:IAM) is pleased to announce the closing of a $45,000,000 term loan to Lighthouse Finance that will be used to fund an operating lease package for Cooke Aquaculture Inc. (“Cooke”).
The IAM funds provided via Lighthouse will finance a portfolio of marine vessels and aquaculture equipment, including hydro-licer and thermo-licer technologies, allowing Cooke access to environmentally friendly, pesticide-free treatment options in the event of sea lice infections.
Stephen Zagrodny, Director of IAM Private Debt Group said, “IAM is excited to partner with such a high quality business and contributes to Cooke’s incredible growth story. We worked very hard with the Cooke and Lighthouse teams to deliver an operational lease structure for this transaction, which demonstrates the flexibility we can offer borrowers. We hope to continue building this relationship and are looking forward to a long term partnership with both Cooke and Lighthouse.”
Lighthouse Finance is a leading operational leasing and asset management company focused on the global aquaculture industry. Lighthouse will manage the operational lease structure throughout the term of the financing, monitoring the assets, and cash flows for IAM.
Cooke Aquaculture Inc. is a family-owned business based out of Black’s Harbour, NB. Since 1985, Cooke has grown from one salmon farm to a fully integrated seafood company with operations spanning the Atlantic Provinces, United States, Chile, Spain, Argentina, and the United Kingdom. Today, Cooke is the largest producer of farmed salmon in North America and one of the top five producers in the world. All of Cooke’s North American aquaculture operations are 4-star certified under the Global Aquaculture Alliance (GAA) Best Aquaculture Practices (BAP) designation.
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