GE Capital, Corporate Finance, Norwalk, Conn., said it is an administrative agent for a $168 million cash flow credit facility to frozen entree processorBellisio Foods, Inc.
Officials said Minneapolis-based Bellisio will use the loan to refinance debt and fund working capital needs. Bellisio produces and distributes retail frozen entrees under the Michelina's, Lean Gourmet and Budget Gourmet brands.
“GE Capital’s significant financial commitment and flexibility in structuring the transaction were both important to us,” said Joel Conner, Bellisio Foods chairman and CEO. “These contributions allowed us to refinance more expensive debt sooner and better meet our working capital requirements.”
Separately, Bellisio said its Bellisio Foods Foodservice business in Lakeville, Minn., changed its name toArden Culinary.
Arden develops frozen custom entrees, sauces,
gravies, toppings, side dishes, fillings and appetizers for chain account restaurant operators. Additionally,
Arden Culinary offers custom contract processing of frozen entrees, sauces, fillings, side dishes and
appetizers; as well as a refrigerated Mexican line featuring
fillings, entrees, side dishes, and sauces.
“Strategically, we believe Arden Culinary captures the essence of our company heritage and conveys our culinary expertise,” said Kim Ewanika, senior director of sales and marketing operations.