Fresh Del Monte gets $500 million revolver at Libor plus 125 bps

By Sara Rosenberg

New York, Oct. 26 - Fresh Del Monte Produce Inc. closed on a new $500 million five-year senior unsecured revolving credit facility that is priced at Libor plus 125 basis points, according to a news release.

Bank of America Merrill Lynch was the lead arranger and bookrunner on the deal.

Proceeds were used to refinance an existing revolver that was scheduled to mature on Jan. 17, 2013 and are available for general corporate purposes, which may include the repayment of debt, working capital needs, capital expenditures, funding of possible acquisitions, possible share repurchases and satisfaction of other obligations.

Fresh Del Monte is a Coral Gables, Fla.-based producer, marketer and distributor of fresh and fresh-cut fruit and vegetables and prepared food.

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