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Chiquita accepts all $133 million of tendered 8 7/8% notes due 2015
By Marisa Wong
Madison, Wis., July 26 - Chiquita Brands International, Inc. said that holders tendered about $133 million of its 8 7/8% senior notes due 2015 in the tender offer for any and all of the $177 million outstanding principal amount. The company has accepted for purchase all of the tendered notes, according to a news release.
The offer expired at 8 a.m. ET on July 26.
The total purchase price for the notes is about $138 million plus about $2 million for accrued interest.
Chiquita said it will use proceeds from a new senior credit facility to fund the tender offer.
The company also said that it will redeem the $45 million of notes that were not tendered in the offer. The remaining notes will be redeemed on Aug. 26 at 102.958 plus accrued interest to the redemption date.
Bank of America Merrill Lynch (888 292-0070 or 980 388-9217) and Barclays Capital (800 438-3242 or 212 528-7581) were the dealer managers for the tender offer.
Chiquita is a Cincinnati-based marketer and distributor of fresh and value-added food products.
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