Del Monte has secured an additional US$150mn in revolving credit capacity as it looks to strengthen liquidity and support its ongoing growth
Del Monte Corporation has announced that it has successfully amended its existing senior unsecured revolving credit facility, increasing total commitments by US$150mn to US$900mn.
According to the group, the amended revolving credit facility retains its existing maturity date of 21 February 2029.
It also retains ”substantially unchanged terms and conditions”, including its US$50mn swingline sub facility and accordion feature.
The amended revolving credit facility also retains its accordion feature, which permits the company – subject to lender commitments and certain other conditions – to request additional revolving commitments or incremental term loans.
Del Monte said that the increased revolving credit capacity enhances its financial flexibility as it integrates its recently completed acquisition, and supports seasonal working capital requirements associated with the business.
The amended facility continues to be unsecured and is available for general corporate purposes, including working capital, capital expenditures, acquisitions, and other strategic initiatives.
“This amendment further strengthens our liquidity position while maintaining the attractive terms of our existing credit facility,” said Mohammad Abu-Ghazaleh, chairman and chief executive officer at Del Monte.
“The additional capacity provides us with greater financial flexibility to support our growth strategy, fund seasonal working capital needs, and continue executing on the successful integration of our recent acquisition,” he added.
