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Chiquita launches term loan B, C repricing proposals
By Sara Rosenberg
New York, Nov. 3 - Chiquita Brands International Inc. launched a repricing of both its term loan B and term loan C on Thursday, according to a market source.
Wachovia, Morgan Stanley and Goldman Sachs are the lead banks on the deal.
Under the proposal, the company is looking to take down pricing on the B and C term loans to Libor plus 200 basis points from Libor plus 250 bps, with a step down to Libor plus 175 bps if leverage is less than 2.75 times, the source said.
In return for lowering spreads, lenders will get 101 soft-call protection on the paper.
Chiquita is a Cincinnati-based distributor and marketer of bananas and fresh produce products.
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