April 23, 2018 6:30 AM ET

Food Products

Company Overview of Diana Fruit Co., Inc.

Company Overview

Diana Fruit Co., Inc. engages in the production and supply of cherries in the United States and internationally. It also offers cherry halves, and glace and dipping cherries. The company serves the candy and baking industry, as well as fruit canners. Diana Fruit Co., Inc. was formerly known as Holly Farms Corporation and changed its name in July 1990. The company was founded in 1990 and is based in Santa Clara, California. As of February 16, 2016, Diana Fruit Co., Inc. operates as a subsidiary of Gray & Company, Inc.

651 Mathew Street

Santa Clara, CA 95050

United States

Founded in 1990

Phone:

408-727-9631

Fax:

408-727-9890

Key Executives for Diana Fruit Co., Inc.

Vice President and General Manager
Compensation as of Fiscal Year 2017.

Diana Fruit Co., Inc. Key Developments

Seneca Announces Third Amended and Restated Loan and Security Agreement

On July 5, 2016, Seneca Foods Corporation, Seneca Foods, LLC, Seneca Snack Company, Green Valley Foods, LLC, Marion Foods, Inc., Lebanon Valley Cold Storage, LLC, Lebanon Valley Cold Storage, LP, Portland Food Products Company, Gray & Company, and Diana Fruit Co., Inc. (collectively, the company) entered into a Third Amended and Restated Loan and Security Agreement with the financial institutions party thereto as lenders, Bank of America, N.A., as agent for Secured Parties, issuing bank, syndication agent, and lead arranger. The loan agreement provides for a senior revolving credit facility of up to $400 million that is seasonally adjusted to $500 million. Borrowings under the loan agreement may be used to satisfy existing indebtedness, to pay fees and transaction expenses associated with the closing of the credit facility, to pay obligations in accordance with the loan agreement, to make permitted acquisitions and for working capital and other lawful corporate purposes of the company, including, but not limited to, the making of capital expenditures and distributions, all in accordance with the terms of the loan agreement. The loan agreement will terminate and all amounts outstanding thereunder will be due and payable no later than July 5, 2021. The loan agreement provides that loans will bear interest, at the company's option, at the Base Rate plus a margin of 0.25% to 0.50% or LIBOR plus a margin of 1.25% to 1.50%, in each case determined based on overall company leverage as set in the Loan Agreement. The Credit Facility initially bears interest at LIBOR plus 1.25% which is the equivalent of approximately 1.70% at July 5, 2016. In addition, the Company is required to pay a commitment fee of 0.25% on the amount unused under the loan agreement.

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