Del Monte raises add-on term loan B amount to $125 million

By Sara Rosenberg

New York, Feb. 1 – Del Monte increased the size of its fungible add-on term loan B due May 2029 (B3/B) to $125 million from $100 million, according to a market source.

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.

The original issue discount on the add-on term loan was unchanged at 98.56.

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.

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

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

Recommitments were scheduled to be due at 11:15 a.m. ET on Wednesday, 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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.