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Total Produce secures $1.44bn of refinancing
StockMarketWire.com
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Fresh food supplier Total Produce said it had completed a $1.44 billion refinancing ahead of its planned merger with Dole Food Company.
The funding included a $500 million five-year senior secured revolving credit facility provided by Rabobank.
The credit agreement also provided for a $940 million seven-year enior secured term loan facility with Bank of America N.A., as administrative agent.
'The facilities are expected to provide long-term sustainable capitalisation following the completion of the transaction, lowering the combined company's average cost of capital and creating a stronger balance sheet,' Total Produce said.
Story provided by StockMarketWire.com
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