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Del Monte plans P7.5 billion bond offer to refinance debt

Del Monte Philippines, Inc. (DMPI) is intent on raising up to P7.5 billion (€127.5 mln)  from the issuance of fixed-rate bonds to refinance existing debt obligations. The money will also be used to fund other corporate requirements.

According to the Philippine Rating Services Corporation (PhilRatings), DMPI is planning a P5 billion issuance with an Oversubscription Option of up to P2.5 billion. The ratings firm has assigned the DMPI bonds with its highest Issue Credit Rating of ‘PRS Aaa, with a Stable Outlook’.

PhilRatings said the rating and outlook reflect the firm’s healthy cash flow generation; strong brand equity and market leadership in food and beverage categories; and its diversified products and markets.

DMPI holds the biggest market share in the packaged pineapple and mixed fruit, canned and ready-to-drink juices, and tomato sauce and spaghetti sauce categories. DMPI is also into the sale of fresh fruits, largely for export. The Company holds the rights to the Del Monte trademark for the Philippines for processed products. Also offered in its portfolio are products under the brands of S&W, Contadina and Today’s.


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