Simpson Thacher represented the initial purchasers, led by J.P. Morgan Securities LLC, in connection with a 144A/Regulation S offering of $500 million aggregate principal amount of 11.875% Senior Secured Notes due 2025 by Del Monte Foods, Inc. (“Del Monte”). The notes are guaranteed on a senior secured basis by certain parent entities of Del Monte and each of Del Monte’s existing and future U.S. subsidiaries. Simpson Thacher also represented the joint lead arrangers in connection with a new $450 million ABL Facility for Del Monte.
Del Monte intends to use the net proceeds from the notes offering, together with borrowings under its ABL Facility and the proceeds of its parent’s equity contribution, to repay all indebtedness outstanding under its existing credit facilities and to pay related fees and expenses.
Del Monte is a leading producer, distributor and marketer of premium quality, branded, plant-based food products, primarily in the United States, that are healthy, tasty, convenient and satisfy the needs of today’s consumer.
The Simpson Thacher team included Art Robinson, Patrick Baron and Evan Zuckerman (Capital Markets); Bill Sheehan, Jessica Tuchinsky, Leah Nudelman and Elizabeth Pica (Banking & Credit); Soogy Lee, Nick Baker and Jonathan Pall (Collateral); Timothy Gallagher (Real Estate); Jonathan Cantor and Nicole Humphrey (Tax); Lori Lesser and Alysha Sekhon (IP); Jennifer Neilsson (ECEB); Adeeb Fadil and Noreen Lavan (Environmental); and Jennie Getsin (Blue Sky). John O’Connell, Camilla Johnson, Della Fok and Matthew Drucker also provided valuable assistance on this transaction.