By Marisa Wong
Morgantown, W.Va., March 31 – Del Monte Pacific Ltd. said it raised $200 million from its offering of dollar-denominated series A-1 preference shares that ended on March 28.
The deal was oversubscribed by 33 1/3%, according to a press release.
Up to $150 million of the preference shares were sold and underwritten by joint lead underwriters BDO Capital & Investment Corp., China Bank Capital Corp., PNB Capital and Investment Corp. and RCBC Capital Corp.
The initial offer size was 15 million shares, with an oversubscription option of up to 10 million shares, according to the company’s roadshow presentation on March 22.
The issue price was $10 per share, each with a par value of $1.00.
The dividend rate is initially 6 5/8%. After five years, the rate will be adjusted to the 10-year U.S. Treasury rate plus an initial spread of 250 basis points, as previously reported.
The securities will be callable on the fifth anniversary of the issue date and on any dividend payment date after that.
The issue date is expected to be April 7.
Proceeds will be used to refinance a $350 million loan facility from BDO Unibank.
Based in Taguig City, Philippines, Del Monte Pacific produces and markets packaged vegetable and fruit, beverage and culinary products.
| Issuer: | Del Monte Pacific Ltd.
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| Issue: | Series A-1 preference shares
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| Amount: | $200 million (including $50 million from greenshoe)
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| Dividend rate: | 6 5/8% initially; after five years, the rate will be adjusted to the 10-year U.S. Treasury rate plus an initial spread of 250 bps
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| Bookrunners: | BDO Capital & Investment Corp., China Bank Capital Corp., PNB Capital and Investment Corp. and RCBC Capital Corp.
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| Call option: | On the fifth anniversary of the issue date and on any dividend payment date after that
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| Offer period: | March 22-March 28
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| Settlement date: | April 7
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