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Del Monte to repay about $60 to $65 million of bank debt with asset sale proceeds
By Sara Rosenberg
New York, Feb. 6 - Del Monte Foods Co. plans to pay down debt under its senior credit facilities with about $60 million to $65 million of the net proceeds from the sale of the IVD, Medi-Cal and Techni-Cal brands to Royal Canin for $82.5 million, according to a company news release.
The transaction, which is not expected to generate a material gain or loss, is expected to be completed upon obtaining regulatory approvals.
Del Monte is a San Francisco producer, distributor and marketer of branded and private label food and pet products.
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