Seminis expected to hold bank meeting this week for new $190 million credit facility

By Sara Rosenberg

New York, May 7 - Seminis Inc., a majority-owned subsidiary of Savia, is expected to hold a bank meeting this week regarding its new $190 million credit facility. Bank of Montreal, UBS Warburg and RaboBank are the lead banks on the deal, which was launched on April 30.

The loan is anticipated to consist of a $50 million five-year revolver with an interest rate of Libor plus 325 basis points and a $140 million five-year term loan B with an interest rate of Libor plus 350 basis points.

The Oxnard, Calif. developer, producer and marketer of vegetable and fruit seeds will use proceeds to refinance existing debt.

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