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US subsidiary Del Monte Foods
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spursfan
Elite |
23-Jun-2022 17:58
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Del Monte Pacific Achieves Strong 4Q and Full Year Results
with Net Profit up 38% and 58%, respectively Fourth Quarter ? Del Monte Pacific?s (DMPL) sales grew by 14% to US$569.5m on better performance in USA and S&W branded fresh pineapple exports ? US subsidiary Del Monte Foods? (DMFI) net profit quadrupled to US$19.0m ? Group net profit of US$20.0m was higher by 38% Full Year ? DMPL sales increased by 8% to US$2.3bn on better performance in USA, S&W fresh and packaged products ? US subsidiary DMFI?s net profit more than tripled to US$54.3m ? Group net profit of US$100.0m was higher by 58% ? Successfully refinanced DMPL Preference Shares and DMFI Senior Secured Notes ? Final dividend of US$0.017 per share declared, representing 33% of FY2022 net profit https://links.sgx.com/1.0.0/corporate-announcements/SHZQRZHZ91DYCEI8/721586_DMPL_4QFY2022_PressRelease%20FINAL.pdf |
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katak88
Veteran |
18-May-2022 10:13
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TUE, MAY 17, 2022 - 1:16 PM Del Monte&rsquo s US subsidiary raises US$600m for refinancing purposesDEL Monte Pacific&rsquo s US subsidiary Del Monte Foods Inc (DMFI) has raised US$600 million through a 7-year term loan B facility which matures in 2029. In a bourse filing on Tuesday (May 17), dual-listed Del Monte said the facility is priced at a floating rate of adjusted SOFR (secured overnight financing rate), with a floor of 0.5 per cent plus 4.25 per annum. Proceeds will be mainly used to redeem the group&rsquo s US$500 million senior secured notes due to mature in 2025, inclusive of redemption fees and accrued interest at a rate of 11.875 per cent per annum. Del Monte estimates the latest term loan B facility&rsquo s much-lower interest rate compared to that of the senior secured notes will result in US$20-30 million of pre-tax interest savings per year. Total one-off pre-tax transaction costs amount to about US$70 million, including redemption and other fees and a non-cash write-off of deferred financing cost in relation to the senior secured notes. DMFI expects to recoup these one-off costs in about 3 years. Joselito D Campos, Jr, managing director and chief executive of Del Monte Pacific, sees the latest round of financing as the creditors&rsquo &ldquo vote of confidence in Del Monte Foods&rsquo sustained profitability&rdquo . The group said DMFI&rsquo s recently upgraded credit rating of &ldquo B2&rdquo from &ldquo B3&rdquo by Moody&rsquo s, as well as S& P&rsquo s outlook upgrade on the stock to &ldquo positive&rdquo , reflect its US subsidiary&rsquo s strengthening operating performance. This follows the prior year&rsquo s recapitalisation and major operational restructuring which had improved liquidity and leverage, it added. Shares of Del Monte on the Singapore Exchange were trading flat at S$0.35 as at the midday break, before the news. https://www.businesstimes.com.sg/companies-markets/del-montes-us-subsidiary-raises-us600m-for-refinancing-purposes |
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katak88
Veteran |
22-Feb-2022 09:38
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Wed, February 16, 2022, 4:56 AM
Del Monte Foods, Inc. -- Moody' s says Del Monte Foods' upsize to term loan a credit positive liquidity boost, ratings not affectedhttps://finance.yahoo.com/news/del-monte-foods-inc-moodys-205606494.html |
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katak88
Veteran |
21-Feb-2022 10:17
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February 2, 2022Del Monte Foods, Inc. -- Moody' s assigns B3 rating to Del Monte Foods' proposed senior secured term loanhttps://finance.yahoo.com/news/del-monte-foods-inc-moodys-175106422.html |
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katak88
Veteran |
17-Feb-2022 17:24
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January 21, 2022Del Monte Foods, Inc. -- Moody' s upgrades Del Monte Foods' CFR to B2 outlook is stablehttps://finance.yahoo.com/news/del-monte-foods-inc-moodys-215805109.html |
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katak88
Veteran |
19-May-2020 14:37
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Del Monte&rsquo s US crown jewel trims debtBy: Doris Dumlao-Abadilla - Reporter / @philbizwatcher
Philippine Daily Inquirer / 12:58 PM May 18, 2020
Six years after breaking into the American market and reuniting with its mother brand at the expense of an enlarged debt, Campos family-led Del Monte Pacific Ltd. (DMPL) completed the recapitalization of its American consumer arm. US-based Del Monte Foods Inc. (DMFI) raised $1.3 billion in fresh financing through a mix of equity and new debt, thereby strengthening its balance sheet, dual-listed parent conglomerate DMPL disclosed to the Philippine and Singapore stock exchanges on Monday. DMFI raised $500 million from a five-year corporate note issue, another $450 million from an asset-based loan (ABL) and $378 million in fresh equity from DMPL. These funding deals had the net effect of reducing DMFI&rsquo s loan facilities to $950 million from $1.4 billion, the disclosure said. &ldquo This transaction is an important milestone for DMFI and the DMPL group,&rdquo DMPL managing director and chief executive officer Joselito Campos Jr said. &ldquo In this new market environment, Del Monte has seen significantly increased demand for its healthy, shelf-stable products across all product lines. Today&rsquo s recapitalization and de-levering position the company to take full advantage of these new market opportunities.&rdquo DMFI is a leading producer, distributor, and marketer of premium quality, branded, plant-based food products for long shelf-life categories, primarily in the United States. DMFI issued $500 million of 11.875-percent senior secured notes due 2025, with original issue discount equal to 3 percent of the principal amount. The notes were offered to qualified institutional buyers within the United States. It also entered into a new $450 million ABL facility due 2023, while DMPL invested $150 million in new equity in Del Monte Foods Holdings Ltd., the holding company of DMFI, and converted $228 million of earlier repurchased loans into common equity in DMFI. DMPL produces food products under the Del Monte, S& W, Contadina and College Inn brands, majority of which originated in the US more than 100 years ago as premium quality packaged food products. The group has exclusive rights to use the Del Monte trademarks for packaged products in the US, South America, the Philippines, the Indian subcontinent and Myanmar, while for S& W, it owns the trademarks globally except in Australia and New Zealand. https://business.inquirer.net/297556/del-montes-us-crown-jewel-trims-debt |
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katak88
Veteran |
18-May-2020 09:17
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Del Monte Pacific subsidiary raises US$1.3 billionSUN, MAY 17, 2020 - 8:57 PMDEL Monte Pacific' s subsidiary has raised total financing of US$1.3 billion through a mix of equity and loans, with the bulk of the funds to go towards refinancing the subsidiary' s existing loan facilities of approximately US$1.1 billion. The company pumped US$378 million in equity into its United States unit Del Monte Foods in the fund-raising exercise, Del Monte Pacific said in a regulatory filing to Singapore Exchange on May 16. This took the forms of US$150 million in new equity in the holding company of Del Monte Foods and the conversion of US$228 million of second-lien repurchase Loans into common equity in Del Monte Foods. Additionally, Del Monte Foods issued US$500 million aggregate principal amount of 11.875 per cent senior secured notes due 2025, with original issue discount equal to 3 per cent of the principal amount. The notes were offered to qualified institutional buyers within the United States and to non-Americans in offshore transactions. Also, it has entered into a US$450 million asset-based loan facility due 2023. Del Monte Foods is a producer, distributor, and marketer of premium quality, branded, plant-based food products for long shelf-life categories, primarily in the US. Del Monte Pacific shares were 0.1 Singapore cent lower at S$0.101 on Friday, a day before this announcement was made. https://www.businesstimes.com.sg/companies-markets/del-monte-pacific-subsidiary-raises-us13-billion |
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katak88
Veteran |
07-Sep-2019 15:37
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Del Monte closing four U.S. facilities08.21.2019
By Sam Danley
WALNUT CREEK, CALIF. &mdash Del Monte Foods is closing several facilities located throughout the United States. Production will cease at the company&rsquo s Sleepy Eye, Minn., and Mendota, Ill., plants at the end of the current packing season. The company also plans to sell its Cambria, Wis., facility, as well as its manufacturing assets in Crystal City, Texas. Production at the locations will transition to other Del Monte facilities in the United States. Parent company Del Monte Pacific Ltd., Manila, Philippines, said the restructuring is part of the company&rsquo s move to an &ldquo asset-light strategy.&rdquo &ldquo This decision has been difficult and has come after careful consideration,&rdquo said Joselito D. Campos Jr., managing director and chief executive officer at Del Monte Pacific Ltd. &ldquo This restructuring is a necessary step for us to remain competitive in a rapidly changing marketplace. Our asset-light strategy will lead to more efficient and lower-cost operations.&rdquo The company has taken a hit from declining sales in the packaged fruit and vegetable categories in recent years. The newly announced closings join a list of shuttered facilities stretching back several years. Last year, Del Monte closed plants in North Carolina, Indiana and California. Approximately 31 salaried and 106 regularly hourly workers are employed at the Mendota facility, with a peak seasonal headcount of 550 employees. The Sleepy Eye facility is home to 22 salaried and 50 hourly employees, and as many as 400 employees during the processing season. Crystal City has 90 full-time hourly, 19 salaried and 300 seasonal employees, according to the company. Del Monte Foods, Inc. is the U.S. subsidiary of Del Monte Pacific Ltd. and manufactures products under the Del Monte, Fruit Naturals, Orchard Select, SunFresh, Fruit Refreshers, S& W, Contadina and College Inn brands. Including the facilities affected by the announcement, Del Monte Foods operates 10 plants in the United States and 2 plants in Mexico. The company has diversified beyond the canned produce aisle and earlier this year introduced refrigerated produce and frozen products. New launches include Del Monte Citrus Bowls, Del Monte Fruit Crunch Parfaits and Del Monte Veggieful Bites. https://www.foodbusinessnews.net/articles/14355-del-monte-closing-four-us-facilities |
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katak88
Veteran |
21-Aug-2019 14:59
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Del Monte to close 2 US facilities as it moves to asset-light strategyWED, AUG 21, 2019 - 8:30 AMFOOD and beverage firm Del Monte Pacific Limited will close two US production facilities and sell a third in a bid to move to an asset-light strategy, it said in a bourse filing on Tuesday night. Owned by its US subsidiary Del Monte Foods, the two facilities to be closed are located at Sleepy Eye in Minnesota and Mendota in Illinois while the third one in Cambria, Wisconsin, will be sold as an operating facility. The three changes will be made at the end of the current pack season, said Del Monte. The company will also be selling manufacturing assets at its facility in Crystal City, Texas, and will transfer production at this site to outside locations later this year. Production at all four locations will be switched to other Del Monte production facilities in the US, the company said. These facility closures allows Del Monte " to fully utilise the capacity of its existing production facilities and increase its focus on branded growth and innovation" , it added. " This decision has been difficult and has come after careful consideration. This restructuring is a necessary step for us to remain competitive in a rapidly changing marketplace. Our asset-light strategy will lead to more efficient and lower costoperations," said Joselito D Campos, Jr, managing director and CEO, Del Monte Pacific Limited. " We are committed to doing all we can to provide the affected employees with resources and support." For its fourth quarter ended April, Del Monte had more than doubled its net profit partly due to a higher gross margin for its US subsidiary Del Monte Foods. Del Monte Pacific is dual-listed on the Singapore Exchange (SGX) mainboard and the Philippine Stock Exchange. On the SGX, it closed down S$0.015 or 9.7 per cent to S$0.139 on Tuesday. |
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