Midera Food Processing Secures $1B Credit Agreement

The Middleby Corporation announced that its food processing business, Midera Food Processing, Inc., has entered into a five-year, $1.0 billion credit agreement. This financing, comprising a $750 million U.S. dollar revolving credit facility and a $250 million multi-currency revolving credit facility, is intended to support Midera's acquisition-driven growth strategy as it transitions into a standalone public company. In connection with the anticipated spin-off, Midera also made a $233 million distribution to Middleby Marshall Inc., a wholly-owned subsidiary of Middleby.