Del Monte issues call for $10.49 million of 6¾% notes, 7½% notes

By Toni Weeks

San Diego, March 9 - Del Monte Foods Co. said that its wholly owned subsidiary, Del Monte Corp., has issued a call to redeem all $8,366,000 of its outstanding 6¾% senior subordinated notes due 2015 and all $2,123,000 of its 7½% senior subordinated notes due 2019.

The redemptions for both series will occur on April 8, according to a company press release.

The redemption price for the 2015 notes is 102.25 plus accrued interest.

The redemption price for the 2019 notes is par plus a make-whole premium and any accrued interest. The make-whole premium will be the greater of (a) the principal amount of notes subtracted from the present value of the sum of the Oct. 15, 2014 redemption price of 103.75 and all interest payments through Oct. 15, 2014, which will be computed using the Treasury rate plus 50 basis points, and (b) 1% of the principal amount of notes.

The trustee for the 2015 notes is Deutsche Bank Trust Co. Americas; the trustee for the 2019 notes is the Bank of New York Mellon Trust Co., NA.

Del Monte is a San Francisco-based branded pet and consumer products company.

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