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Del Monte Foods is working with PJT Partners to raise secured debt as it seeks to boost liquidity in light of high costs and declining sales, sources told 9fin.

The company is specifically seeking a $300m first-in, last-out (FILO) loan, sources said. It purports to have roughly $400m in assets that are collateral to its existing revolver but have not been borrowed against given limitations in that facility’s borrowing base, according to sources.

Del Monte Foods is a California-based provider of branded food products such as canned fruits and vegetables as well as other snacks.

In February, Moody’s downgraded its corporate family rating to Caa1, citing a heavy debt load and weak liquidity. The latter was constrained by a glut of high-cost inventory last year, while sales and EBITDA were hit by an inflation-driven pullback in consumer spending and high labor costs, the ratings agency said.

As of 29 October 2023, Del Monte Foods had $708m drawn on its ABL facility due 2027 and $18m available, Moody’s said. Its cash balance at that time was $3m.

The company’s cash on hand has since dwindled to $1.92m as of 28 January 2024, according to its limited public financial results.

It posted $12.04m in adjusted EBITDA for its Q3 2024 (ended January 2024), compared to $46.9m a year prior.

Del Monte Foods’ $725m in SOFR+425bps first lien term loan due 2029 is quoted at 84.17, down from 92.75 at the beginning of this year.

Del Monte Foods is owned by Singapore-listed Del Monte Pacific, which is in turn majority owned by Philippines-based NutriAsia Pacific Limited.

Del Monte Foods and NutriAsia Pacific Limited did not respond to requests for comment. PJT Partners declined to comment.

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Del Monte Foods seeks secured loan to raise liquidity

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