Del Monte to launch $100 million add-on term loan B on Monday

By Sara Rosenberg

New York, Jan. 27 – Del Monte is scheduled to hold a lender call at 10 a.m. ET on Monday to launch a fungible $100 million add-on term loan B due May 2029, according to a market source.

Goldman Sachs Bank USA is the left bookrunner on the deal.

Pricing on the add-on term loan is SOFR+CSA plus 425 basis points with a 0.5% floor, in line with the existing term loan B.

Also, like the existing term loan, the CSA on the add-on loan is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate, and amortization is 1% per annum.

Original issue discount talk on the add-on term loan is 98.56, the source said.

The add-on and existing term loan are getting 101 soft call protection for six months.

Commitments are due at the close of business on Tuesday, the source added.

Proceeds will be used to partially repay existing ABL borrowings.

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

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