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Chiquita amends loan, changing leverage, fixed-charge coverage ratios, pricing
By Sara Rosenberg
New York, Nov. 9 - Chiquita Brands International Inc. amended its credit facility, revising the leverage and fixed-charge coverage ratios and changing interest rates, according to a 10-Q filed with the Securities and Exchange Commission Thursday.
Under the amendment, the consolidated leverage ratio can not be greater than 7.25 to 1.0 at the end of the fiscal quarter ended on Dec. 31, 2006, 8.50 to 1.0 at the end of the fiscal quarter ended on March 31, 2007, 8.0 to 1.0 at the end of the fiscal quarter ended on June 30, 2007, 7.75 to 1.0 at the end of the fiscal quarter ended on Sept. 30, 2007, 6.50 to 1.0 at the end of the fiscal quarter ended on Dec. 31, 2007, 6.0 to 1.0 at the end of the fiscal quarter ended on March 31, 2008 or June 30, 2008, 5.50 to 1.0 at the end of the fiscal quarter ended on Sept. 30, 2008, and 5.25 to 1.0 thereafter.
The amended fixed-charge coverage ratio can not be less than 1.30 to 1.0 at the end of the fiscal quarter ended on Dec. 31, 2006, 1.25 to 1.0 at the end of any fiscal quarter ended after Dec. 31, 2006 through and including the fiscal quarter ended on Sept. 30, 2007, and 1.30 to 1.0 thereafter.
Furthermore, under the amendment, pricing on the revolver and term loan has been reset to Libor plus 300 basis points. The revolver has a pricing grid that ranges from Libor plus 125 to 300 bps and the term loan has a pricing grid that ranges from Libor plus 200 to 300 bps, based on leverage.
The amendment was completed on Nov. 8.
Wachovia is the administrative agent on the deal.
Chiquita is a Cincinnati-based distributor and marketer of bananas and fresh produce products.
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