The Middleby Corporation (NASDAQ: MIDD) announced that Midera Food Processing, Inc., its food processing unit set to be spun off, has entered into a five-year, $1.0 billion credit agreement with Bank of America, N.A. as administrative agent.

The credit agreement consists of a $750 million U.S. dollar revolving credit facility and a $250 million multi-currency revolving credit facility.

Mark Salman, incoming Chief Executive Officer of Midera, said the agreement provides "ample capacity to execute on our acquisition-driven growth strategy as we transition to a stand-alone public company."

Middleby CEO Tim FitzGerald stated the credit agreement "provides the balance sheet flexibility to execute their strategy," adding that the size and terms reflect Midera's financial profile.

The spinoff remains on track for July 6, 2026, subject to the satisfaction or waiver of certain conditions outlined in the Separation and Distribution Agreement filed with the U.S. Securities and Exchange Commission. Midera's registration statement on Form 10 was declared effective by the SEC on June 17, 2026.

Midera, headquartered in Rosemont, Illinois, provides food processing equipment and automation solutions for protein, bakery, and snack producers. The company employs approximately 2,800 people worldwide and holds a portfolio of more than 30 brands.