Del Monte makes $300 million mandatory prepayment under facility

By Jennifer Chiou

New York, Oct. 9 - Del Monte Corp. made a mandatory prepayment of $300 million under its credit facility using proceeds from the sale of its StarKist brand products and private label seafood products, according to an 8-K filed with the Securities and Exchange Commission.

The remaining balance under the credit agreement is about $878 million.

Del Monte noted that its revolving credit facility under the agreement was unaffected by this prepayment.

A previous amendment under the credit facility requires that 100% of the net cash proceeds from certain major asset dispositions be used to repay bank debt.

Del Monte is a San Francisco-based producer, distributor and marketer of branded food and pet products.

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