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BofA, Others Support Fresh Del Monte Produce Acquisition of Mann Packing

February 28, 2018, 07:29 AM
Related: Bank of America

Fresh Del Monte Produce Inc. announced that its North America subsidiary, Del Monte Fresh Produce N.A., Inc. completed its previously announced acquisition of Mann Packing Co., Inc., an award-winning innovator and leading grower, processor and supplier of a broad variety of fresh and value-added vegetable products in North America. The aggregate purchase price for Mann Packing was approximately $361 million funded by cash on hand and borrowings under the Company’s existing senior unsecured revolving credit facility. The Company expects the acquisition to be accretive to earnings in the first year.

In addition, the Company also announced that on February 27, 2018, the Company and certain of its subsidiaries exercised an option to increase the revolving borrowing capacity of the Credit Facility from $800 million to $1.1 billion. All other terms of the Credit Facility substantially remained the same. The Credit Facility banks include Bank of America, N.A. as the administrative agent and a lender and Merrill Lynch, Pierce, Fenner & Smith Inc. as sole lead arranger and sole book manager.

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