Chiquita Brands International, Inc : Chiquita Brands International, Inc : Chiquita Announces Commencement of Senior Secured

  Chiquita Brands International, Inc : Chiquita Brands International, Inc :
Chiquita Announces Commencement of Senior Secured Notes Offering and Proposed
                    Refinancing of Current Credit Facility

CHIQUITA ANNOUNCES COMMENCEMENT OF SENIOR SECURED NOTES OFFERING AND PROPOSED
                    REFINANCING OF CURRENT CREDIT FACILITY

CHARLOTTE - January 28, 2013 - Chiquita Brands International, Inc. (NYSE: CQB)
today announced that it proposes to offer $425 million aggregate principal
amount of senior secured notes due 2021 in the United States to qualified
institutional buyers pursuant to Rule 144A under the Securities Act of 1933,
as amended (the "Securities Act") and outside the United States to certain
non-U.S. persons in accordance with Regulation S under the Securities Act.
The notes and the related subsidiary guarantees will not be registered under
the Securities Act and may not be offered or sold in the United States without
registration or an applicable exemption from the registration requirements.
The net proceeds from the offering, together with borrowings under a new $200
million asset-based revolving credit facility to be entered into by the
company concurrently with and conditioned upon closing of the note offering,
will be used to repay its current credit facility, consisting of a $150.0
million senior secured revolving credit facility (of which $40 million was
outstanding, excluding letters of credit, at December 31, 2012) and $305.3
million remaining at December 31, 2012 under a senior secured term loan due
2016, and to repay the $106.4 million outstanding of its 7 1/2% Senior Notes
due 2014.

The notes will be co-issued by Chiquita Brands L.L.C., the company's main
operating subsidiary, and unconditionally guaranteed by each of the issuer's
present and future direct and indirect domestic subsidiaries other than de
minimus subsidiaries. The notes and the guarantees will be secured, subject to
certain exceptions and permitted liens, on a first-priority basis by the
issuers' and guarantors' existing and after-acquired material domestic real
estate, stock of certain subsidiaries, subject to limitations, and certain
intellectual property. Subject to certain permitted liens, the notes and the
guarantees will also be secured on a second-priority basis by a lien on
substantially all of the issuers' and the guarantors' other domestic assets,
including present and future receivables, inventory and equipment.

This press release is neither an offer to sell nor the solicitation of an
offer to buy the notes, the subsidiary guarantees or any other securities and
shall not constitute an offer, solicitation or sale in any jurisdiction in
which, or to any person to whom, such an offer, solicitation or sale is
unlawful.

Consummation of the offering is subject to a number of market and other
conditions. No assurance can be given that any such refinancing can or will be
completed on terms that are acceptable to the company, if at all.

ABOUT CHIQUITA BRANDS INTERNATIONAL, INC.

Chiquita Brands International, Inc. (NYSE: CQB) is a leading international
marketer and distributor of nutritious, high-quality fresh and value-added
food products - from energy-rich bananas, blends of convenient green salads,
other fruits to healthy snacking products. The company markets its healthy,
fresh products under the Chiquita® and Fresh Express® premium brands and other
related trademarks. With annual revenues of more than $3 billion, Chiquita
employs approximately 20,000 people and has operations in approximately 70
countries worldwide.

CONTACTS:

Steve Himes, 980-636-5636, shimes@chiquita.com, (Investors & Analysts)
Tiffany Breaux, 980-636-5029, tbreaux@chiquita.com, (Media)

FORWARD-LOOKING STATEMENTS

This press release contains certain statements that are "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. These statements are subject to a number of assumptions, risks and
uncertainties, many of which are beyond the control of Chiquita, including:
challenges in implementing restructuring and leadership changes announced in
August and October 2012 including the company's ability to achieve the cost
savings and other benefits anticipated from the restructuring; challenges in
implementing the relocation of Chiquita's corporate headquarters, and other
North American corporate functions, to Charlotte, North Carolina; industry and
competitive conditions (all of which may be more unpredictable in light of
continuing uncertainty in the global economic environment), government
regulations, food safety issues and product recalls affecting the company or
the industry, labor relations, taxes, political instability and terrorism; the
customary risks experienced by global food companies, such as prices for
commodity and other inputs, currency exchange rate fluctuations; unusual
weather events, conditions or crop risks; the company's continued ability to
access the capital and credit markets on commercially reasonable terms and
comply with the terms of its credit agreements; access to and cost of
financing; and the outcome of pending litigation and governmental
investigations involving the company, as well as the legal fees and other
costs incurred in connection with these items.

Any forward-looking statements made in this press release speak as of the date
made and are not guarantees of future performance. Actual results or
developments may differ materially from the expectations expressed or implied
in the forward-looking statements, and the company undertakes no obligation to
update any such statements. Additional information on factors that could
influence Chiquita's financial results is included in its SEC filings,
including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and
Current Reports on Form 8-K.

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(ii) they are solely responsible for the content, accuracy and originality of
the
information contained therein.

Source: Chiquita Brands International, Inc via Thomson Reuters ONE
HUG#1673538
 
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