Del Monte Pacific (SG:D03) has released an update.
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Del Monte Pacific Limited has made significant progress in its financial restructuring, using the $66.3 million net proceeds from its $70 million senior perpetual capital securities issuance to settle derivative agreements and partially redeem shares from SEA Diner. This series of transactions has led to the company, through its subsidiary CARI, owning 89.54% of Del Monte Philippines, Inc., with SEA Diner’s remaining shares being converted into new redeemable, convertible preferred shares with specific terms, including an 8.0% dividend yield and conditions on gross debt and dividend payments.
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