Umami Sustainable Seafood Inc., a San Diego-based operator of two fish farms in Mexico and Croatia, said it entered into a new credit agreement for about $10.4 million for its Kali Tuna subsidiary in Croatia.
The lender, the Croatian Bank for the Reconstruction and Development, is providing the secured funding line in Croatian kuna.
The new agreement also calls for drawdown of the funding in Japanese yen of up to $8.7 million. In July, Umami said the Kali subsidiary received about $4.25 million with the applicable interest rate on borrowings set at three-month yen Libor plus 650 basis points or about 6.7 percent.
Timothy Fitzpatrick, Umami’s chief financial officer, said the new credit agreement is important to Umami and Kali Tuna, and improves its liquidity position.
Umami was in the news recently when its former CEO, Jaime Cuadra, pleaded guilty to embezzling more than $1 million from the company to invest in another venture, a still in-formation spring professional football league that took the United States Football League name.
— Mike Allen