Del Monte Pacific gets go-ahead to offer dollar preference shares

By Marisa Wong

Morgantown, W.Va., Nov. 22 – Del Monte Pacific Ltd. said it received approval on Tuesday from the Philippine Securities and Exchange Commission to issue preference shares.

In October, the company announced plans to offer a second tranche of series A preference shares totaling up to $160 million. The company appointed BDO Capital & Investment Corp. as manager.

The company launched a $200 million offering of dollar-denominated series A-1 preference shares in March, as previously reported.

Proceeds from the upcoming tranche will be used primarily to repay a bridge loan from BDO Unibank, Inc., which was used to partially finance the acquisition of the Del Monte Foods, Inc. consumer food business, as previously announced.

Based in Taguig City, Philippines, Del Monte Pacific produces and markets packaged vegetable and fruit, beverage and culinary products.

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