WhiteWave Foods Closes $600 Mln. Acquisition Of Earthbound Farm

(RTTNews) - WhiteWave Foods Co. (WWAV), a consumer packaged food and beverage company, said Friday it completed its acquisition of organic food company Earthbound Farm for about $600 million in cash.

Gregg Engles, CEO of WhiteWave, said, "We are pleased to complete this transaction, which represents an exciting step in WhiteWave's evolution and reaffirms our leadership in the organic foods and beverages industry in North America."

WhiteWave reiterated plans to operate Earthbound Farm as a separate business unit, based in San Juan Bautista, California.

WhiteWave used cash on hand and borrowings under its senior secured credit facilities to finance the acquisition, including a new $500 million 7-year incremental term loan facility.

WhiteWave further amended its senior credit facilities, providing an option to increase the facilities by an additional $500 million, subject to future lenders' commitments.

After giving effect to the acquisition, the principal amount outstanding under WhiteWave's current $1.84 billion senior secured credit facilities commitments is about $1.29 billion.