Chiquita Brands International, Inc. CQB
today announced that it proposes to offer $425 million aggregate principal
amount of senior secured notes due 2021 in the United States to qualified
institutional buyers pursuant to Rule 144A under the Securities Act of 1933,
as amended (the "Securities Act") and outside the United States to certain
non-U.S. persons in accordance with Regulation S under the Securities Act.
The notes and the related subsidiary guarantees will not be registered under
the Securities Act and may not be offered or sold in the United States without
registration or an applicable exemption from the registration requirements.
The net proceeds from the offering, together with borrowings under a new $200
million asset-based revolving credit facility to be entered into by the
company concurrently with and conditioned upon closing of the note offering,
will be used to repay its current credit facility, consisting of a $150.0
million senior secured revolving credit facility (of which $40 million was
outstanding, excluding letters of credit, at December 31, 2012) and $305.3
million remaining at December 31, 2012 under a senior secured term loan due
2016, and to repay the $106.4 million outstanding of its 7 1/2% Senior Notes
due 2014.
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