Chiquita Announces Proposed Refinancing

Chiquita Brands International, Inc.

today announced that it has commenced a refinancing of a portion of its existing indebtedness, including its 8 7/8% Senior Notes due 2015 and existing Senior Credit Facility. As part of the refinancing, the company has commenced a cash tender offer (the "Offer") for $100 million of approximately $177 million outstanding aggregate principal amount of its 8 7/8% Senior Notes due 2015 (CUSIP No. 170032AS5) (the "Notes"). The terms of the Offer are described in the Offer to Purchase, dated June 27, 2011 (the "Offer to Purchase"), and a related Letter of Transmittal, which are being sent to holders of Notes. The Offer is being conducted in connection with the company's efforts to enter into a new senior credit facility which is expected provide for a new $250 million term loan and a $150 million revolving credit facility to replace its existing revolving line of credit. The net proceeds from the new term loan will be used to refinance the approximately $155 million that will then be outstanding under the company's current term loan and to fund, together with available cash, the purchase of the tendered Notes that are accepted for purchase pursuant to the Offer.