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Chiquita Brands conditionally calls $42.5 million of 7 7/8% notes
By Tali Rackner
Norfolk, Va., Dec. 30 – Chiquita Brands International, Inc. and Chiquita Brands LLC decided to redeem $42.5 million of their 7 7/8% senior secured notes due 2021 on Feb. 6, according to an 8-K filing with the Securities and Exchange Commission.
The issuers delivered a notice of redemption to trustee Wells Fargo Bank, NA on Tuesday.
The notes will be redeemed at 103 plus accrued interest to, but not including, the redemption date.
The redemption is conditioned on the closing of Chiquita’s merger with Cavendish Acquisition Corp., an affiliate of Cutrale-Safra Group, and the redemption of $42.5 million principal amount of the notes on or before Feb. 4, pursuant to a Dec. 24 notice of conditional redemption.
The issuers may, at their discretion, delay the redemption date until the redemption conditions have been satisfied or rescind the notice if the conditions are not met by the redemption date.
Chiquita is a Charlotte, N.C.-based marketer and distributor of bananas, fresh produce and packaged salads.
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