Chiquita Announces Results of Change of Control Tender Offer for its 7.875% Senior Secured Notes due 2021
CHARLOTTE, N.C., March 10, 2015 /PRNewswire/ -- Chiquita Brands International, Inc. ("Chiquita") and Chiquita Brands L.L.C. ("Chiquita Brands" and together with Chiquita, the "Issuers") today announced the results of their tender offer (the "Tender Offer") to purchase for cash any and all of their outstanding $191,250,000 aggregate principal amount of 7.875% Senior Secured Notes due 2021 (the "Notes"), at a purchase price equal to 101% of the principal amount thereof. The Tender Offer was made to satisfy the requirements of the indenture governing the Notes as a result of a change of control transaction.
The paying agent for the Tender Offer has advised the Issuers that, as of the expiration of the Tender Offer at 5:00 p.m., New York City time, on March 4, 2015, a total of $234,000 aggregate principal amount of Notes had been validly tendered and not withdrawn. All Notes that were validly tendered and not withdrawn have been accepted for payment.
About Chiquita Brands International, Inc.
Chiquita is a leading international marketer and distributor of nutritious, high-quality fresh and value-added food products - from energy-rich bananas, blends of convenient green salads and other fruits to healthy snacking products. Chiquita markets its healthy, fresh products under the Chiquita® and Fresh Express® premium brands and other related trademarks. With annual revenues of more than $3 billion, Chiquita employs approximately 20,000 people and has operations in nearly 70 countries worldwide. For more information, please visit www.chiquita.com.
Forward-Looking Statements
This press release may contain certain statements that are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Chiquita, including: the customary risks experienced by global food companies, such as prices for commodity and other inputs, currency exchange rate fluctuations, industry and competitive conditions (all of which may be more unpredictable in light of continuing uncertainty in the global economic environment), government regulations, food safety issues and product recalls affecting Chiquita or the industry, labor relations, burdensome taxes, additional tax assessments in foreign jurisdictions, political instability and terrorism; challenges in implementing the relocation of its corporate headquarters and other North American corporate functions to Charlotte, North Carolina; challenges in its ability to achieve cost savings and other benefits from restructuring and strategic changes; unusual weather events, conditions or crop risks; continued ability to access the capital and credit markets on commercially reasonable terms and comply with the terms of its debt instruments; access to and cost of financing; and the outcome of pending litigation and governmental investigations involving Chiquita, as well as the legal fees and other costs incurred in connection with such items.
Any forward-looking statements made in this press release speak as of the date made and are not guarantees of future performance. Actual results or developments may differ materially from the expectations expressed or implied in the forward-looking statements, and the Issuers undertake no obligation to update any such statements. Additional information on factors that could influence Chiquita's financial results is included in its past SEC filings, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K.
Media Contact:
Stef Goodsell/Madisen Obeido
Kekst and Company
212-521-4800
SOURCE Chiquita Brands International, Inc.
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