Del Monte Foods Company (NYSE:DLM) announced today that its wholly owned
subsidiary Del Monte Corporation (“Del Monte”) has consummated its
private placement offering of $450 million aggregate principal amount of
its 7½% senior subordinated notes due 2019 (the “New Notes”) and the
early settlement of its previously announced cash tender offer and
consent solicitation (the “Offer”) with respect to its outstanding 8
5/8% senior subordinated notes due 2012 (the “Old Notes”).
Del Monte used the net proceeds from the sale of the New Notes, together
with other available funds, to fund the payment of consideration and
costs relating to the Offer. As of 5:00 pm, New York City time, on
September 30, 2009 (the “Consent Time”), $438,748,000 aggregate
principal amount of Old Notes had been validly tendered and not
withdrawn, which represented approximately 97.5% of the outstanding
aggregate principal amount of the Old Notes. On October 1, 2009, Del
Monte accepted for purchase and payment (the “Early Settlement”) all of
the Old Notes that were validly tendered at or prior to the Consent
Time. Payment for the Old Notes pursuant to the Early Settlement was
made today (the “Early Settlement Date”). Holders of Old Notes who
tendered their Old Notes at or prior to the Consent Time received
$1,031.25 for each $1,000 principal amount of the Old Notes validly
tendered (which included the consent payment of $30.00 per $1,000
principal amount of Old Notes), plus any accrued and unpaid interest up
to, but not including, the Early Settlement Date.
This announcement does not constitute an offer to purchase the Old Notes
or a solicitation of consents to amend the related indenture. The Offer
was made solely pursuant to the Offer to Purchase and Consent
Solicitation Statement. This announcement does not constitute an offer
to sell or the solicitation of an offer to buy the New Notes. The New
Notes have not been registered under the Securities Act of 1933, as
amended, and may not be offered or sold in the United States absent
registration or an applicable exemption from registration requirements.
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