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Chiquita Brands International, Inc. announced that it has obtained a 30-day extension from its financing institutions of their previously announced commitments to finance the company's pending acquisition of the Fresh Express unit of Performance Food Group Co.

Chiquita Brands International, Inc. announced that it has obtained a 30-day extension from its financing institutions of their previously announced commitments to finance the company's pending acquisition of the Fresh Express unit of Performance Food Group Co. This extension, from June 1 to June 30, 2005, confirms the financing commitments necessary for Chiquita to complete the Fresh Express acquisition during the second quarter 2005, in accordance with its Feb. 23 announcement of the transaction. The extended financing commitments are for $825 million, including $100 million in revolving credit capacity. The company expects to fund the purchase price for Fresh Express and related fees, expenses and working capital requirements using these commitments as well as available cash, which includes $50 million in proceeds from an April 2005 ship financing completed in anticipation of funding the acquisition.
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Title Annotation:BUSINESS BRIEFS ...
Publication:Food & Drink Weekly
Date:May 30, 2005
Words:135
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