Del Monte Pacific resuscitating $360 million offering of cumulative perpetual preferreds

By Stephanie N. Rotondo

Seattle, Dec. 2 – Del Monte Pacific Ltd. is moving forward with a previously nixed $360 million offering of cumulative perpetual preferred shares, according to a company press release.

The Singapore- and Philippines-listed company had previously sought to issue the preferreds – which are non-voting, non-participating and non-convertible – late in 2014. The offering was officially announced in December 2014 but was then pulled in January 2015 due to market conditions.

The price per share is expected to be a maximum of $10.00. Previous price talk had the issue in a 5.25% to 7% area.

Pricing is expected to take place in late January 2016.

BDO Capital & Investment Corp. is the issue manager, lead underwriter and bookrunner.

Proceeds will be used to refinance a $350 million bridge loan with BDO Unibank Inc.

The new securities will be listed on the Philippine Stock Exchange.

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