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Fresh Del Monte Produce Negotiates a $400 Million Credit Facility

03.24.03
CORAL GABLES, Fla., Mar 24, 2003 (BUSINESS WIRE) -- Fresh Del Monte Produce Inc. (NYSE:FDP), one of the world's largest producers, marketers and distributors of fresh and fresh-cut produce, announced today that the Company has signed a new $400 million revolving credit facility. The new facility, which matures in 2007, bears interest at a rate of LIBOR plus a margin. The new credit facility was arranged and syndicated by Rabobank, a leading international food and agribusiness bank and replaces the Company's existing, soon to mature revolving credit facility and term loan. Fresh Del Monte Produce will use the credit facility primarily for general corporate purposes and investing activities.

Fresh Del Monte is a leading vertically integrated producer and marketer of high quality fresh and fresh-cut produce. The Company's primary products include bananas, pineapples, melons, tomatoes, potatoes, onions, grapes, citrus, apples, pears, peaches, plums and plantains. The Company markets its products worldwide under the DEL MONTE(R) brand, a symbol of product quality and reliability since 1892.

This press release contains certain forward-looking statements regarding the intents, beliefs or current expectations of the Company or its officers with respect to various matters. These forward-looking statements are based on information currently available to the Company and the Company assumes no obligation to update these statements. It is important to note that these forward-looking statements are not guarantees of future performance and involve risks and uncertainties. The Company's actual results may differ materially from those in the forward-looking statements as a result of various important factors, including those described under the caption "Key Information - Risk Factors" in Fresh Del Monte Produce Inc.'s Form 20-F for the year ended December 27, 2002.

Note to the Editor: This release and other press releases are available on the Company's web site, http://www.freshdelmonte.com.

CONTACT:          Fresh Del Monte Produce Inc., Coral Gables
                  John F. Inserra, 305/520-8065
                  or
                  Christine Cannella, 305/520-8451

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