Midera Food Processing has entered into a five-year, $1.0 billion credit agreement with Bank of America as administrative agent and other lenders, consisting of a $750 million U.S. dollar revolving credit facility and a $250 million multi-currency revolving credit facility. The agreement is part of the previously announced spin-off of Middleby's Food Processing business, which remains on track for July 6, 2026. Midera's incoming CEO Mark Salman said the credit agreement provides ample capacity to execute an acquisition-driven growth strategy as the company transitions to a stand-alone public entity. Middleby CEO Tim FitzGerald added that the facility reflects Midera's compelling financial profile and provides balance sheet flexibility. Completion of the spin-off is conditioned upon satisfaction or waiver of certain conditions set forth in the Separation and Distribution Agreement filed with the SEC.
Midera Food Processing IncMidera secures $1 billion credit facility to fund acquisition-driven growth as a stand-alone public company.
Middleby CorpMiddleby's spin-off of Midera is progressing with a credit facility, which supports the separation and may unlock value.
Bank of America Corp