Specialty Foods Group Income Fund Announces Progress of Bank Loan Refinancings

Specialty Foods Group Income Fund (the "Fund")(TSX: HAM.UN) announces the current status of the refinancing of the revolving and term loan agreements of Specialty Foods Group, Inc., the operating company of the Fund ("SFG" or the "Company"). The Fund indirectly holds an interest of approximately 56% in the Company.

On November 15, 2005, the Company announced that it had retained Genuity Capital Markets in order to assist with the refinancing of the Company's debt. The Company and its current lenders have subsequently entered into a Forbearance Agreement, which allows the Company time to complete the intended refinancing. The expiration of the term of the Forbearance Agreement, and the target date for the completion of the refinancing is March 12, 2006. The Company is making progress on the financing arrangements with the lenders for both its revolving and term loan obligations.

Specialty Foods Group Income Fund is an open-ended, limited purpose trust established under the laws of the Province of Ontario, which indirectly holds an interest of approximately 56% in Specialty Foods Group, Inc. ("SFG"). SFG is a leading independent U.S. producer and marketer of premium branded and private-label processed meat products. SFG produces a wide variety of products such as franks, hams, bacon, luncheon meats, dry sausage and delicatessen meats. These products are sold to a diverse customer base in the retail (e.g., supermarkets) and foodservice (e.g., restaurants) sectors. SFG sells products under a number of leading national and regional brands, such as Nathan's, Swift Premium, Field, Fischer's, Mosey's, Liguria, Alpine Lace and Scott Petersen as well as on a private-label basis.

This news release contains forward-looking statements. Such statements involve known and unknown risks, uncertainties and other factors outside of management's control that could cause actual results to differ materially from those described in the forward-looking statements. The Fund does not assume responsibility for the accuracy and completeness of those forward-looking statements and does not undertake the obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.

%SEDAR: 00018733E

For further information: William Durham, Director of Treasury and Investor Relations, Tel: (757) 952-1216, Email: investorrelations@sfgtrust.com, Website: www.sfgtrust.com

Author:  

Email:    

Topic:    

Content:

Related Articles

• American Capital Declares $0.80 Q1 2006 Dividend Reports $3.16 Net Operating Income Per Basic Share in 2005 Announces 2006 Dividend Guidance of $3.29
  17 February 2006



• Maple Financial Group announces sale of its mortgage banking business
  16 February 2006



• Income Tax Season Opens the Floodgates to Identity Theft
  16 February 2006



• Credit card holders confused by interest free periods, warns moneynet
  15 February 2006



• Home Loan Interest Rate Changes
  15 February 2006



• Blair Corporation Reports 2005 Results: Net Income Increased 13% Before Gain from Credit Portfolio Sale and Costs Associated with 4.4 Million Common S
  14 February 2006



• Results for the Federal SmartPay (small purchase) Credit Card Program for FY 2005 are Strong
  14 February 2006



• Credit Card Outlet Now Featuring HSBC Credit Card Applications Online
  14 February 2006



• SBA Loan Approvals in Florida Surpass $100 Million for Hurricane Wilma Victims
  13 February 2006



• Online Mortgage, Refinance, and Payday Loan Website Provides Dynamic Content On Virtually Every Page
  13 February 2006