Del Monte starts roadshow for $575 million seven-year secured notes; early whisper 11%-12%

By Abigail W. Adams

Portland, Me., March 4 – Del Monte Foods, Inc. started a roadshow on Wednesday for a $575 million offering of seven-year senior secured notes, according to a market source.

The roadshow will run until March 10 with pricing expected thereafter.

Early whisper is for a yield of 11% to 12%, the source said.

J.P. Morgan Securities LLC is leading the offering.

The notes are non-callable for three years.

Proceeds will be used to refinance the company’s capital structure.

Del Monte is a San Francisco-based food production and distribution company.

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