Del Monte tenders for any and all of its $450 million of 8 5/8% notes

By Jennifer Chiou

New York, Sept. 17 - Del Monte Foods Co. announced that its wholly owned subsidiary, Del Monte Corp., began a cash tender offer and consent solicitation for any and all of its $450 million of 8 5/8% senior subordinated notes due 2012.

The offer is set to end at 11:59 p.m. ET on Oct. 15.

The consent deadline is 5 p.m. ET on Sept. 30.

Those who tender by the early deadline will receive the total consideration equal to $1,031.25 per $1,000 principal amount, which includes a consent payment of $30.00.

Del Monte will also pay accrued interest.

The offer is conditioned on consents from holders of a majority of notes as well as the receipt by Del Monte of net proceeds from a new debt financing that, when combined with up to $40 million of other available funds, will amount to enough to cover the offer.

Bank of America Merrill Lynch (888 292-0070 or call collect 980 388-9217) and Barclays Capital Inc. (800 438-3242 or call collect 212 528-7581) are the joint dealer managers and solicitation agents. Global Bondholder Services Corp. is the information agent (866 470-4500 or call collect 212 430-3774).

Del Monte is a San Francisco-based producer, distributor and marketer of branded food and pet products.

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