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Proc-Type: 2001,MIC-CLEAR
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New Jersey 1-1550 04-1923360 (State or other (Commission (IRS Employer jurisdiction of File Number) Identification No.) incorporation)
FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest
Event Reported): January 26, 2001
CHIQUITA BRANDS INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
250 East Fifth Street, Cincinnati, Ohio 45202
(Address of principal executive offices)
Registrant's telephone number, including area code:
(513) 784-8000
INFORMATION TO BE INCLUDED IN THE REPORT
Items 1, 2, 3, 4, 6, 7, 8 and 9 are not applicable and are omitted from this Report.
Item 5. Other Events.
On January 26, 2001, the Company's subsidiary, Chiquita Brands, Inc., obtained a commitment for a three-year $120 million secured bank credit facility with Foothill Capital Corporation and Ableco Finance LLC. Chiquita
Brands, Inc. owns substantially all the business operations of the Company. The new facility, which will consist of a term loan of up to $75 million and a revolving credit facility of $45 million, will be in lieu of the facility previously announced on
January 16, 2001. The new facility will be used to repay $50 million of maturing subsidiary debt, with the balance available for seasonal working capital needs and other corporate purposes. As a condition to consummation of the facility, the Company has
transferred to Chiquita Brands, Inc. its North American banana sales operations and the equity of Chiquita Processed Foods, L.L.C., its canned vegetable operation, and the Company has capitalized or subordinated certain intercompany obligations of its
subsidiaries. Completion of the facility, which is subject to certain conditions, is expected in February. Obtaining this new facility does not change the Company's intentions with regard to the proposed restructuring of the Company's parent company
debt announced on January 16, 2001. (See the Company's Current Report on Form 8-K dated January 16, 2001).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: January 31, 2001 CHIQUITA BRANDS INTERNATIONAL, INC.
By: /s/William A. Tsacalis
William A. Tsacalis
Vice President and Controller