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Moody's rates Del Monte B1, loan Ba3, notes B3
Moody's Investors Service said it assigned a definitive corporate family rating of B1 to Del Monte Foods Co., following the closing of the previously announced leveraged buyout of Del Monte by an investor group led by Kohlberg Kravis Roberts & Co. LP and that includes Vestar Capital Partners and Centerview Capital, LP.
Moody's also assigned a Ba3 (LGD3, 32%) rating to a new $2.7 billion senior secured term loan and a B3 (LGD5, 85%) rating to $1.3 billion of new senior notes, both issued to fund the transaction.
Moody's assigned a speculative-grade liquidity rating of SGL-2 to Del Monte Foods.
The outlook is stable.
The ratings reflect the high financial leverage resulting from the LBO of the company balanced against anticipated stable operating-level performance at Del Monte, along with improving product mix and operating margins over time, the agency said.
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