Chiquita Completes Credit Facility Refinancing

Chiquita Brands International, Inc.

today announced the successful completion of the previously announced refinancing of a portion of its capital structure. The related transactions described below reduce the company's interest expense, extend debt maturities and add operating flexibility. The company expects at current rates to save approximately $11 million in annual interest costs in the first year following the refinancing. The refinancing included execution of an amended and restated $480 million senior secured credit agreement by its operating company, Chiquita Brands, L.L.C. The credit facility matures in July 2016 and consists of a $150 million revolving credit facility and a $330 million term loan. The proceeds of the new term loan, which initially bear interest at LIBOR plus 3 percent, were used to repay $155 million outstanding under the company's existing term loan and fund the purchase of approximately $133 million principal amount of the company's 8 7/8% Senior Notes due 2015 as described below. The proceeds of the new term loan will also be used to fund the redemption of the approximately $45 million of Notes that remain outstanding. The company indicated that its previously announced offer to purchase any and all of the Notes expired at 8:00 a.m., New York City time, on July 26, 2011. The Offer has now expired, and the company received and accepted for purchase all Notes validly tendered from holders of approximately $133 million principal amount of the approximately $177 million aggregate principal amount of outstanding. The total purchase price for the Notes of approximately $138 million, plus approximately $2 million for accrued and unpaid interest, has been delivered to The Depository Trust Company for prompt payment for all validly tendered Notes accepted for purchase in the Offer.