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Del Monte Pacific approves issuance of dollar-denominated senior notes

DEL MONTE Pacific Ltd.’s (DMPL) board of directors has approved the issuance of a benchmark-sized US dollar-denominated Regulation S offering of three-year unrated senior notes.

In a disclosure to the exchange on Monday, DMPL said the size and the terms of the notes will be determined at a later date. No other details were disclosed.

“The notes are not and will not be registered with the Philippine Securities and Exchange Commission,” DMPL said.

“Any future offer or sale of the securities in the Philippines is subject to the registration requirements under the Philippine Securities Regulation Code, unless such offer or sale qualifies as a transaction exempt from these requirements,” it added.

The company tapped Credit Suisse as the sole global coordinator for the planned transaction and UnionBank of the Philippines was assigned as the domestic lead manager.

A series of fixed income investor calls in Asia and Europe will be arranged beginning on Monday, while “an offering of the notes may follow.”

On Monday, shares of DMPL at the stock exchange went up by 0.82% or 12 centavos to close at P14.80 each. — Keren Concepcion G. Valmonte

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