Del Monte holders tender 97.5% of 8 5/8% notes as of consent deadline

By Susanna Moon

Chicago, Oct. 1 - Del Monte Foods Co. said its wholly owned subsidiary, Del Monte Corp., received consents from holders of $438,748,000 principal amount, or 97.5%, of its 8 5/8% senior subordinated notes due 2012 as of 5 p.m. ET on Sept. 30.

The tender offer for any and all of its $450 million is set to end at 11:59 p.m. ET on Oct. 15.

As previously noted, 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 company also said it completed the private placement offering of $450 million principal amount of its 7½% senior subordinated notes due 2019.

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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