Trio Set Chiquita Financing

Wachovia Securities, Morgan Stanley and Goldman Sachs are prepping a $600 million credit facility for Chiquita Brands International to fund its $855 million acquisition of Fresh Express.

  • 04 Mar 2005
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Wachovia Securities, Morgan Stanley and Goldman Sachs are prepping a $600 million credit facility for Chiquita Brands International to fund its $855 million acquisition of Fresh Express. The bank debt will consist of a $150 million revolver, a $100 million term loan "A" and a $350 million "B" loan. Pricing has not been set. Syndication for the deal will launch in approximately two weeks. A spokesman for Chiquita declined comment.

The banks originally committed to a $150 million term loan facility, a $350 million second term loan facility and a "C" loan, which would have gone into effect if holdings notes and convertible securities equaling $225 million were not issued prior to the closing date. The "C" loan will now be replaced with junior capital. The banks committed to a certain amount so Chiquita had enough to finance the acquisition, explained a banker, but this was lowered after Chiquita determined a more permanent capital structure.

  • 04 Mar 2005

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