DEL Monte Pacific's subsidiary has raised total financing of US$1.3 billion through a mix of equity and loans, with the bulk of the funds to go towards refinancing the subsidiary's existing loan facilities of approximately US$1.1 billion. Read more at The Business Times.
DEL Monte Pacific's subsidiary has raised total financing of US$1.3 billion through a mix of equity and loans, with the bulk of the funds to go towards refinancing the subsidiary's existing loan facilities of approximately US$1.1 billion.
The company pumped US$378 million in equity into its United States unit Del Monte Foods in the fund-raising exercise, Del Monte Pacific said in a regulatory filing to Singapore Exchange on May 16. This took the forms of US$150 million in new equity in the holding company of Del Monte Foods and the conversion of US$228 million of second-lien repurchase Loans into common equity in Del Monte Foods.
Additionally, Del Monte Foods issued US$500 million aggregate principal amount of 11.875 per cent senior secured notes due 2025, with original issue discount equal to 3 per cent of the principal amount. The notes were offered to qualified institutional buyers within the United States and to non-Americans in offshore transactions.Del Monte Foods is a producer, distributor, and marketer of premium quality, branded, plant-based food products for long shelf-life categories, primarily in the US.
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