Del Monte launches $525 million term loan B at SOFR plus 425-450 bps

By Sara Rosenberg

New York, Feb. 2 – Del Monte launched on Wednesday its $525 million seven-year term loan B (B3/B) with price talk of SOFR+CSA plus 425 basis points to 450 bps with a 0.5% floor and an original issue discount of 99, according to a market source.

CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

The term loan has 101 soft call protection for six months, amortization of 1% per annum, and ticking fees of half the margin for days 31 to 60 and the full margin thereafter, the source said.

Goldman Sachs Bank USA, JPMorgan Chase Bank, Wells Fargo Securities LLC, BMO Capital Markets, MUFG and Capital One are the lead arrangers on the deal.

Commitments are due on Feb. 16, the source added.

Proceeds will be used to refinance the company’s existing capital structure.

Del Monte is a producer, distributor and marketer of plant-based food products.

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