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Chiquita Brands to get $400 million credit facility led by Rabobank
By Sara Rosenberg
New York, June 27 - Chiquita Brands International Inc. plans on getting a new $400 million senior secured credit facility, according to a news release.
Rabobank is the lead bank on the deal, a market source told Prospect News.
The facility consists of a $150 million revolver and a $250 million term loan.
Proceeds, along with cash, will be used to refinance about $155 million of existing bank debt and fund a tender offer for $100 million of the roughly $177 million outstanding under the company's 8 7/8% senior notes due 2015.
The tender offer expires on July 26 and is subject to completion of debt financing.
Chiquita is a Cincinnati-based marketer and distributor of fresh and value-added food products.
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