Del Monte Pacific taps BDO as manager for upcoming preference shares

By Marisa Wong

Morgantown, W.Va., Oct. 20 – Del Monte Pacific Ltd. disclosed more details on its planned offering of preference shares in a company announcement on Friday.

The company intends to offer up to $160 million of series A-2 preference shares and has appointed BDO Capital & Investment Corp. as manager for the offering.

The company announced this week that it planned to issue within the year the balance of the preference shares approved by the Philippine Securities and Exchange Commission and Philippine Stock Exchange earlier this year.

The company launched a $200 million offering of dollar-denominated series A-1 preference shares in March, as previously reported.

Proceeds from the upcoming tranche will be used primarily to repay a bridge loan from BDO Unibank, Inc., which was used to partially finance the acquisition of the Del Monte Foods, Inc. consumer food business.

Based in Taguig City, Philippines, Del Monte Pacific produces and markets packaged vegetable and fruit, beverage and culinary products.

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