Del Monte increases term loan B by $100 million to $2.7 billion

By Sara Rosenberg

New York, Feb. 1 - Del Monte Corp. upsized its term loan B by $100 million to roughly $2.7 billion from roughly $2.6 billion, according to a market source.

Pricing on the loan remained at Libor plus 300 basis points with a 1% Libor floor and a par offer price.

The loan still has 101 soft call protection for six months.

Recommitments were due by 3 p.m. ET on Friday.

J.P. Morgan Securities LLC is the lead bank on the deal.

Proceeds will be used to amend and refinance an existing roughly $2.6 billion term loan B, and the funds from the upsizing will be used as cash added to the balance sheet, the source added.

Del Monte is a San Francisco-based producer, distributor and marketer of pet products and food products.

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