FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


Fresh Del Monte Produce in $800MM Facility With BofA, Others

April 17, 2015, 07:12 AM

Fresh Del Monte Produce Inc. entered into a new $800 million senior unsecured revolving credit facility with Bank of America, N.A. serving as the administrative agent and Merrill Lynch, Pierce, Fenner & Smith Inc. was sole lead arranger and sole book manager on the transaction. The Credit Facility has a five-year term, with a scheduled maturity date of April 15, 2020. The Credit Facility bears interest at a rate of LIBOR plus a margin that varies with the company's leverage ratio. The current margin for advances is 1.25%. This Credit Facility replaces the company's prior revolving credit facility which was scheduled to mature on October 23, 2017. The Credit Facility also includes a swing line facility and letter of credit facility. The company intends to use funds borrowed under the Credit Facility from time to time for general corporate purposes, which may include working capital needs, capital expenditures, funding of possible acquisitions, possible share repurchases and satisfaction of other obligations of the company.

Fresh Del Monte Produce Inc. is one of the world's leading vertically integrated producers, marketers and distributors of high-quality fresh and fresh-cut fruit and vegetables, as well as a leading producer and distributor of prepared food in Europe, Africa, the Middle East and the countries formerly part of the Soviet Union.

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.