USA: Chiquita completes $120 million credit facility
Chiquita Brands International, Inc. (NYSE: CQB) today announced that its principal operating subsidiary, Chiquita Brands, Inc. has completed its previously announced three-year $120 million secured credit facility with Foothill Capital Corporation and Ableco Finance LLC. The new facility, which consists of a term loan of $75 million and a revolving credit facility of $45 million, has been used to repay $50 million of maturing subsidiary debt. The remaining amounts are for seasonal working capital needs and other general corporate purposes. The completion of this credit facility will not alter Chiquita's previously announced financial restructuring initiative.
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