Del Monte enters new credit facility

For fresh fruit and vegetable marketing and distribution in Asia
Carl Collen

BY CARL COLLEN

Del Monte enters new credit facility

Fresh produce giant announces it has entered into new US$800m senior unsecured credit facility

Del Monte enters new credit facility

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Fresh Del Monte Produce has announced that it has entered into a new US$800m senior unsecured revolving credit facility.

According to Del Monte, Bank of America served as the administrative agent and Merrill Lynch, Pierce, Fenner & Smith Inc. was sole lead arranger and sole book manager on the transaction.

The new credit facility has a five-year term, with a scheduled maturity date of 15 April 2020, and replaces the company's prior revolving credit facility which was scheduled to mature on 23 October 2017.

Del Monte said it intends to use funds borrowed under the credit facility from time to time for general corporate purposes, which may include working capital needs, capital expenditures, funding of possible acquisitions, possible share repurchases and satisfaction of other obligations of the company.

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