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Santander Provides $25MM Credit Line to The Tuna Store

January 14, 2016, 07:36 AM
Filed Under: Distribution

Santander Bank has provided a $25 million senior-secured revolving line of credit to The Tuna Store, LLC (TTS), a subsidiary of Tri-Marine US Holdings, LLC. Proceeds from the facility will be used to support the company’s rapidly growing business in premium private label and branded tuna products.

“This transaction showcases our capabilities as a leading seafood lender across the U.S. and our commitment to expanding our seafood portfolio,” said Albert Spada, managing director and head of asset based lending at Santander. “The success Santander has had with The Tuna Store underscores our leadership in providing creative solutions for companies in the seafood industry.”  He added, “The closing of the Tuna Store is a significant accomplishment within our asset-based lending portfolio as it demonstrates the Group’s ability to support a variety of clients and transactions.”

Headquartered in Bellevue, WA, The Tuna Store is an international distributor of canned, pouched, and frozen tuna. Tri-Marine is one of the largest tuna suppliers in the world and TTS is responsible for the sales and marketing of private label and branded products to retail, wholesale, and foodservice channels throughout the U.S., Canada, and Japan.

“As a company focused on expansion, we are excited to grow alongside Santander,” said Donald Binotto, CEO of The Tuna Store. “Santander’s strong track record of financing seafood companies on an international scale has given our team the utmost confidence in this new relationship.”

With offices in Connecticut, Massachusetts, New Jersey, New York, and Pennsylvania, Santander’s asset-based lending group provides specialty structured financing for many types of businesses. Along with other divisions of Santander, including syndications, cash management, and international banking, the asset-based lending team develops customized solutions to help companies leverage their working capital and fixed assets to support significant financing initiatives.

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