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Chiquita Brands tenders for $100 million of its 8 7/8% notes due 2015
By Susanna Moon
Chicago, June 25 - Chiquita Brands International, Inc. said it began a cash tender offer for $100 million of its about $177 million outstanding principal amount of 8 7/8% senior notes due 2015.
The total payment will be $1,033.33 per $1,000 principal amount of notes tendered by 5 p.m. ET on July 11, the early tender date. This amount includes an early tender payment of $10.00 per note.
Holders also will receive accrued interest up to but not including the payment date.
The offer will end at 8 a.m. ET on July 26. Tendered notes may not be withdrawn after the early tender deadline.
If the company receives tenders of more than the offer cap of $100 million, notes will be purchased on a prorated basis.
The offer is being conducted in connection with the company's efforts to enter into a new senior credit facility, which is expected to provide for a new $250 million term loan and a $150 million revolving credit facility to replace its existing revolving line of credit.
Proceeds from the new term loan will be used to help fund the tender offer.
The offer is conditioned on the receipt of proceeds from one or more debt financings, which may include the new senior secured credit facility, that will be enough to fund the offer.
Chiquita is a Cincinnati-based marketer and distributor of fresh and value-added food products.
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