Fresh Del Monte to draw on existing loan for stock repurchases

By Sara Rosenberg

New York, March 6 - Fresh Del Monte Produce Inc. plans to use borrowings under its credit facility, along with cash on hand, to help fund its newly authorized three-year stock repurchase program of up to $300 million of shares, according to a company news release.

The timing and number of shares to be repurchased in the open market will depend on a number of factors, including market conditions and alternative investment opportunities.

Fresh Del Monte is a George Town, Cayman Islands-based producer, marketer and distributor of fresh and fresh-cut fruit and vegetables, and a producer and distributor of prepared fruit and vegetables, juices, beverages, snacks and desserts.

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