Market sources say Del Monte Corp. held a conference call last week with lead arranger Bank of America and other existing lenders on its six-year, $730 million credit in an effort to refinance the deal and pay down outstanding debt. The existing credit comprises a $350 million revolving credit priced at LIBOR plus 2 1/4%; a $200 million term loan "A" also priced at LIBOR plus 2 1/4%; and a $180 million term loan "B" priced at LIBOR plus 3%, according to Capital DATA Loanware. Officials at Del Monte and Bank of America did not return calls by press time.
Del Monte Looks To Refinance $730 Mln Deal