Fresh Del Monte increases revolving credit facility to $1.1 billion

By Sarah Lizee

Olympia, Wash., Feb. 28 – Fresh Del Monte Produce Inc. exercised its option to increase the borrowing capacity of its existing senior unsecured revolving credit facility to $1.1 billion from $800 million, according to a press release.

Bank of America, NA is the administrative agent and a lender, and Merrill Lynch, Pierce, Fenner & Smith Inc. is the lead arranger and book manager.

Other terms of the facility were unchanged.

The company said it used borrowings under the facility along with cash on hand to fund its acquisition of Mann Packing Co., Inc. for about $361 million.

Fresh Del Monte is a Coral Gables, Fla.-based fruit and vegetable company.

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