Del Monte closes private placement of $450M notes

Del Monte completes private offering of $450 million worth of 7.5 senior notes due 2019

• On 4:09 pm EDT, Thursday October 1, 2009

SAN FRANCISCO (AP) -- Del Monte Foods Co. said Thursday its Del Monte Corp. subsidiary has completed the private placement of $450 million in senior notes.

It also settled its cash tender offer for its 8.625 percent senior notes due 2012 using proceeds from the new notes sale. Del Monte bought back about $438.7 million worth of the 2012 notes, about 97.5 percent of the outstanding debt.

Holders of the 2012 notes received $1,031.25 for each $1,000 of notes tendered.

In addition to its namesake brand, Del Monte sells products under the College Inn and Contadina brands. Del Monte also sells pet food under the Meow Mix, 9Lives and Kibbles 'n Bits names.