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This excerpt taken from the FDP 10-Q filed Apr 28, 2009. 8. Long-Term Debt and Capital Lease Obligations Our long-term debt consists principally of a five-year syndicated credit facility (the “Credit Facility”) with Rabobank Nederland, New York Branch, as administrative agent. The Credit Facility includes a revolving commitment of $600.0 million expiring on November 10, 2009 and a term loan commitment (the “Term Loan”) maturing on May 10, 2011. The revolving portion of the Credit Facility has been classified as current in the Consolidated Balance Sheets due to its maturity date. We plan to refinance the Credit Facility during 2009. The current turmoil in the global capital markets may hinder our ability to obtain favorable terms to refinance the Credit Facility or our ability to access these global capital markets. The Credit Facility is collateralized directly or indirectly by substantially all of our assets and is guaranteed by certain of our subsidiaries. The Credit Facility permits borrowings under the revolving commitment with an interest rate (1.53% at March 27, 2009), determined by our leverage ratio, based on a spread over LIBOR. The Term Loan is a five-year amortizing loan with quarterly payments of principal and interest. At March 27, 2009, we had $138.8 million outstanding under the Term Loan. The interest rate on the Term Loan (1.52% at March 27, 2009) is based on a spread over the London Interbank Offer Rate (“LIBOR”). At March 27, 2009, we had $232.6 million available under committed working capital facilities, primarily under the Credit Facility. The Credit Facility also includes a swing line facility and a letter of credit facility. At March 27, 2009, we applied $37.6 million to the letter of credit facility, comprised primarily of certain contingent obligations and other governmental agency guarantees combined with guarantees for purchases of raw materials and equipment. We also had $4.6 million in other letters of credit not included in the letter of credit facility. The Credit Facility requires us to be in compliance with various financial and other covenants and limits the amount of future dividends. As of March 27, 2009, we were in compliance with all of the financial covenants contained in the Credit Facility. At March 27, 2009, we had $493.1 million of long-term debt and capital lease obligations, including the current portion, consisting of $471.8 million outstanding under the Credit Facility (including the Term Loan), $9.5 million of capital lease obligations and $11.8 million of other long-term debt and notes payable.
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Table of ContentsFRESH DEL MONTE PRODUCE INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) (Unaudited)
These excerpts taken from the FDP 10-K filed Feb 25, 2009. 13. Long-Term Debt and Capital Lease Obligations The following is a summary of long term-debt and capital lease obligations (U.S. dollars in millions):
13. Long-Term Debt and Capital Lease Obligations The following is a summary of long term-debt and capital lease obligations (U.S. dollars in millions):
13. Long-Term Debt and Capital Lease Obligations
13. Long-Term Debt and Capital Lease Obligations
These excerpts taken from the FDP 10-K filed Feb 24, 2009. 13. Long-Term Debt and Capital Lease Obligations The following is a summary of long term-debt and capital lease obligations (U.S. dollars in millions):
13. Long-Term Debt and Capital Lease Obligations The following is a summary of long term-debt and capital lease obligations (U.S. dollars in millions):
13. Long-Term Debt and Capital Lease Obligations
13. Long-Term Debt and Capital Lease Obligations
This excerpt taken from the FDP 10-Q filed Oct 28, 2008. 8. Long-Term Debt and Capital Lease Obligations Our long-term debt consists principally of a four-year syndicated revolving credit facility (the “Credit Facility”) with Rabobank Nederland, New York Branch, as administrative agent. The Credit Facility includes a revolving commitment of $600.0 million expiring on November 10, 2009 and a term loan commitment (the “Term Loan”). We intend to renew our revolving credit facility during 2009. The Term Loan is a five-year amortizing loan with quarterly payments of principal and interest which matures on May 10, 2011. At September 26, 2008, we had $140.6 million outstanding under the Term Loan. The interest rate on the Term Loan (4.44% at September 26, 2008) is based on a spread over the London Interbank Offer Rate (“LIBOR”). The Credit Facility is collateralized directly or indirectly by substantially all of our assets and is guaranteed by certain of our subsidiaries. The Credit Facility permits borrowings with an interest rate, determined by our leverage ratio, based on a spread over LIBOR (3.87% at September 26, 2008). The Credit Facility requires us to be in compliance with various financial and other covenants and limits the amount of future dividends. As of September 26, 2008, we were in compliance with all of the financial and other covenants contained in the Credit Facility. At September 26, 2008, we had $278.2 million available under committed working capital facilities, primarily under the Credit Facility. The Credit Facility also includes a swing line facility and a letter of credit facility. At September 26, 2008, we applied $42.5 million to the letter of credit facility, comprised primarily of certain contingent obligations and other governmental agency guarantees combined with guarantees for purchases of raw materials and equipment. At September 26, 2008, we had $446.5 million of long-term debt and capital lease obligations, including the current portion, consisting of $421.4 million outstanding under the Credit Facility (including the Term Loan), $11.6 million of capital lease obligations and $13.5 million of other long-term debt.
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Table of ContentsFRESH DEL MONTE PRODUCE INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) (Unaudited)
This excerpt taken from the FDP 10-Q filed Jul 30, 2008. 8. Long-Term Debt and Capital Lease Obligations Our long-term debt consists principally of a four-year syndicated revolving credit facility (the “Credit Facility”) with Rabobank Nederland, New York Branch, as administrative agent. The Credit Facility includes a revolving commitment of $600.0 million expiring on November 10, 2009 and a term loan commitment (the “Term Loan”). The Term Loan is a five-year amortizing loan with quarterly payments of principal and interest which matures on May 10, 2011. At June 27, 2008, we had $141.6 million outstanding under the Term Loan. The interest rate on the Term Loan (3.25% at June 27, 2008) is based on a spread over the London Interbank Offer Rate (“LIBOR”). The Credit Facility is collateralized directly or indirectly by substantially all of our assets and is guaranteed by certain of our subsidiaries. The Credit Facility permits borrowings with an interest rate, determined by our leverage ratio, based on a spread over LIBOR (3.32% at June 27, 2008). The Credit Facility requires us to be in compliance with various financial and other covenants and limits the amount of future dividends. As of June 27, 2008, we were in compliance with all of the financial and other covenants contained in the Credit Facility. At June 27, 2008, we had $277.1 million available under committed working capital facilities, primarily under the Credit Facility. The Credit Facility also includes a swing line facility and a letter of credit facility. At June 27, 2008, we applied $44.4 million to the letter of credit facility, comprised primarily of certain contingent obligations and other governmental agency guarantees combined with guarantees for purchases of raw materials and equipment. At June 27, 2008, we had $448.6 million of long-term debt and capital lease obligations, including the current portion, consisting of $421.9 million outstanding under the Credit Facility (including the Term Loan), $12.5 million of capital lease obligations and $14.2 million of other long-term debt and notes payable. This excerpt taken from the FDP 10-Q filed Apr 30, 2008. 7. Long-Term Debt and Capital Lease Obligations Our long-term debt consists principally of a four-year syndicated revolving credit facility (the “Credit Facility”) with Rabobank Nederland, New York Branch, as administrative agent. The Credit Facility includes a revolving commitment of $600.0 million expiring on November 10, 2009 and a term loan commitment (the “Term Loan”). The Term Loan is a five-year amortizing loan with quarterly payments of principal and interest which matures on May 10, 2011. We currently have $142.5 million outstanding under the Term Loan. The interest rate on the Term Loan (3.44% at March 28, 2008) is based on a spread over the London Interbank Offer Rate (“LIBOR”). The Credit Facility is collateralized directly or indirectly by substantially all of our assets and is guaranteed by certain of our subsidiaries. The Credit Facility permits borrowings with an interest rate, determined by our leverage ratio, based on a spread over LIBOR (3.52% at March 28, 2008). At March 28, 2008, $168.3 million was outstanding under the Credit Facility (including the Term Loan). The Credit Facility requires us to be in compliance with various financial and other covenants and limits the amount of future dividends. As of March 28, 2008, we were in compliance with all of the financial and other covenants contained in the Credit Facility. At March 28, 2008, we had $552.9 million available under committed working capital facilities, primarily under the Credit Facility. The Credit Facility also includes a swing line facility and a letter of credit facility. At March 28, 2008, we applied $22.6 million to the letter of credit facility, comprised primarily of certain contingent obligations and other governmental agencies guarantees combined with guarantees for purchases of raw materials and equipment. As of March 28, 2008, we had $197.1 million of long-term debt and capital lease obligations, including the current portion, consisting of $168.3 million outstanding under the Credit Facility (including the Term Loan), $13.7 million of capital lease obligations and $15.1 million of other long-term debt and notes payable.
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Table of ContentsFRESH DEL MONTE PRODUCE INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)(Unaudited)
This excerpt taken from the FDP 20-F filed Feb 27, 2008. 13. Long-Term Debt and Capital Lease Obligations The following is a summary of long term-debt and capital lease obligations (U.S. dollars in millions):
This excerpt taken from the FDP 6-K filed Oct 31, 2007. 8. Long-Term Debt and Capital Lease Obligations On March 21, 2003, Fresh Del Monte, and certain wholly-owned subsidiaries entered into a $400.0 million, four-year syndicated revolving credit facility (the “Credit Facility”), with Rabobank Nederland, New York Branch, as administrative agent. On November 9, 2004, the Credit Facility was amended to increase the total revolving commitment to $600.0 million, to add a term loan commitment (the “Term Loan”) of up to $400.0 million, to extend its maturity to November 10, 2009 and to increase the letter of credit facility to $100.0 million. On February 14, 2006, the Credit Facility was amended to increase the allowable repurchase by Fresh Del Monte of its ordinary shares in an aggregate amount not to exceed $300.0 million. On May 10, 2006, the Credit Facility was modified to amend certain financial covenants. On May 10, 2006, Fresh Del Monte borrowed $150.0 million of the available $400.0 Term Loan commitment and used the proceeds to repay a portion of the revolving facility. The Term Loan is a five-year amortizing loan with quarterly payments of principal and interest. The Term Loan matures on May 10, 2011. The interest rate on the Term Loan (6.438% at September 28, 2007) is based on a spread over the London Interbank Offer Rate (“LIBOR”). On December 27, 2006, the Credit Facility was further amended to modify the applicable ratios used to determine margins for advances and to amend certain financial covenants.
See accompanying notes.
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Table of ContentsFRESH DEL MONTE PRODUCE INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)(Unaudited) 8. Long-Term Debt and Capital Lease Obligations (continued)
The Credit Facility is collateralized directly or indirectly by substantially all of Fresh Del Monte’s assets and is guaranteed by certain of Fresh Del Monte’s subsidiaries. The Credit Facility permits borrowings with an interest rate, determined by Fresh Del Monte’s leverage ratio, based on a spread over LIBOR (6.754% at September 28, 2007). At September 28, 2007, $329.4 million was outstanding under the Credit Facility (including the Term Loan). The Credit Facility requires Fresh Del Monte to be in compliance with various financial and other covenants and limits the amount of future dividends. As of September 28, 2007, Fresh Del Monte was in compliance with all of the financial and other covenants contained in the Credit Facility. At September 28, 2007, Fresh Del Monte had $398.3 million available under committed working capital facilities, primarily under the Credit Facility. The Credit Facility also includes a swing line facility and a letter of credit facility. At September 28, 2007, Fresh Del Monte applied $18.4 million to the letter of credit facility, comprised primarily of certain contingent obligations and other governmental agencies guarantees combined with guarantees for purchases of raw materials and equipment. As of September 28, 2007, Fresh Del Monte had $359.4 million of long-term debt and capital lease obligations, including the current portion, consisting of $329.4 million outstanding under the Credit Facility (including the Term Loan), $16.7 million of capital lease obligations and $13.3 million of other long-term debt and notes payable.
See accompanying notes.
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Table of ContentsFRESH DEL MONTE PRODUCE INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)(Unaudited)
This excerpt taken from the FDP 6-K filed May 4, 2007. 7. Long-Term Debt and Capital Lease Obligations On March 21, 2003, Fresh Del Monte, and certain wholly-owned subsidiaries entered into a $400.0 million, four-year syndicated revolving credit facility (the “Credit Facility”), with Rabobank Nederland, New York Branch, as administrative agent. On November 9, 2004, the Credit Facility was amended to increase the total revolving commitment to $600.0 million, to add a term loan commitment of up to $400.0 million, to extend its maturity to November 10, 2009 and to increase the letter of credit facility to $100.0 million. On February 14, 2006, the Credit Facility was amended to increase the allowable repurchase by Fresh Del Monte of its common stock in an aggregate amount not to exceed $300.0 million. On May 10, 2006, the Credit Facility was amended to permit borrowing under the term loan commitment of up to $150.0 million. On May 10, 2006, Fresh Del Monte borrowed $150.0 million of the available $400.0 term loan commitment and used the proceeds to re-pay a portion of the revolving facility. The term loan is a five-year amortizing loan with quarterly payments of principal and interest. The interest rate on the term loan (7.6250% at March 30, 2007) is based on a spread over London Interbank Offer Rate (“LIBOR”). On December 27, 2006 the Credit Facility was further amended to modify the applicable ratios used to determine margins for advances under the facility and to amend certain financial covenants.
8
FRESH DEL MONTE PRODUCE INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)(Unaudited)
7. Long-Term Debt and Capital Lease Obligations (continued) The Credit Facility is collateralized directly or indirectly by substantially all of Fresh Del Monte’s assets and is guaranteed by certain of Fresh Del Monte’s subsidiaries. The Credit Facility permits borrowings with an interest rate, determined by Fresh Del Monte’s leverage ratio, based on a spread over LIBOR (7.6224% at March 30, 2007). At March 30, 2007, $450.5 million was outstanding under the Credit Facility (including the term loan). The Credit Facility requires Fresh Del Monte to be in compliance with various financial and other covenants and limits the amount of future dividends. As of March 30, 2007, Fresh Del Monte was in compliance with all of the financial and other covenants contained in the Credit Facility. At March 30, 2007, Fresh Del Monte had $272.5 million available under committed working capital facilities, primarily all of which is represented by the Credit Facility. The Credit Facility also includes a swing line facility and a letter of credit facility. At March 30, 2007, Fresh Del Monte applied $25.6 million to the letter of credit facility, comprised primarily of certain contingent obligations and other governmental agencies guarantees combined with guarantees for purchases of raw materials and equipment. As of March 30, 2007, Fresh Del Monte had $483.6 million of long-term debt and capital lease obligations, including the current portion, consisting of $450.5 million outstanding under the Credit Facility (including the term loan), $20.6 million of capital lease obligations and $12.5 million of other long-term debt and notes payable.
9
FRESH DEL MONTE PRODUCE INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)(Unaudited)
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