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EXHIBIT 99.1
[VLASIC LOGO]
CONTACT: KEVIN G. LOWERY
(856) 969-7417
VLASIC AND ITS BANKS AGREE IN PRINCIPLE TO
WAIVER OF COVENANTS EXTENSION THROUGH FEBRUARY 28, 2001
CHERRY HILL, NJ - JUNE 28, 2000 -- Vlasic Foods International (NYSE: VL)
announced today that the Company and its senior credit facility bank syndicate
have reached an agreement in principle to extend its existing waiver of certain
covenants of that facility through February 28, 2001, subject to mutually
acceptable documentation.
The credit facility is lead-arranged by J.P. Morgan Securities Co., and the
syndication agent is Chase Securities, Inc.
The Company is current on all outstanding debt instruments.
Forward Looking Statement
This release contains certain forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. The Company believes the
assumptions underlying the forward-looking statements, including, among other
things, those relating to financing, debt and negotiations with its bank
syndicate are reasonable. However, any of the assumptions could be inaccurate,
and therefore there can be no assurance that the forward-looking statements
contained in this release will prove to be accurate. Additional information that
could cause actual results to vary materially from the results anticipated may
be found in the Company's most recent Form 10-K and other reports filed with the
Securities Exchange Commission. Furthermore, the Company disclaims any
obligation or intent to update any such factors or forward-looking statements to
disclaim future events and developments.
