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Article: Fresh Del Monte Produce Refinances Credit Facility.
- Article from:
- Business Wire
- Article date:
- July 20, 2009
CopyrightCOPYRIGHT 2009 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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CORAL GABLES, Fla. -- Fresh Del Monte Produce Inc. (NYSE:FDP) has announced today that the Company refinanced its existing credit facility and term loan with a new $500 million senior secured revolving credit facility. The new credit facility has a 3.5 year term, with a scheduled maturity date of January 17, 2013. The facility bears interest at a rate of Libor plus a margin that varies with the Company's leverage ratio. The current margin for Libor advances is 3.0%. This facility replaces the Company's existing revolving credit facility and term loan scheduled to mature in November 2009 and May 2011, respectively. The new credit facility also includes a swing line facility ...