Chiquita Secures Credit Facility

NEW YORK - Jan 11/05 - SNS -- Chiquita Brands International, Inc. secured a new five-year $150 million secured revolving credit facility, with Wells Fargo Bank as co-lead arranger and administrative agent and Wachovia Securities as co-lead arranger and syndication agent.

The credit facility may be increased up to $200 million under certain conditions. The other members of the bank syndicate are Rabobank International; Harris Nesbitt; LaSalle Bank, a subsidiary of ABN- AMRO; ING Bank; and Nordea Bank.

Proceeds from the loans available under the credit facility may be used for working capital, capital expenditures and other general purposes, including acquisitions. The interest rate is based on prevailing U.S. or LIBOR market rates. The initial interest rate will be LIBOR plus 1.50%, which may be adjusted based on future debt levels of the operating subsidiary. The loan is secured by liens on substantially all of the tangible and intangible assets of the borrower and its U.S. subsidiaries and by pledges of stock of the borrower and certain of its subsidiaries.

No revolving loan borrowings have been made to date; however, approximately $8 million of previously issued letters of credit are now deemed to be issued under the credit facility.