DEL Monte Pacific Ltd. has completely redeemed its $90- million senior notes issued in 2021.
The company said the notes carried a 3.75 percent coupon, paid semi-annually. These were issued to finance the redemption of its preferred A shares issued in 2017 and redeemed in 2022.
The senior notes marked the company’s maiden entry into the international debt capital markets.
Del Monte closed the first quarter of its 2025 fiscal year ending April with a loss of $34.2 million, up from $13.1 million last year. Sales rose by 3.9 percent to $536.9 million from $516.7 million.
The company attributed the loss to “unfavorable results” from its US unit Del Monte Foods Inc. (DMFI).
The DMFI result, which comprises 66 percent of Del Monte’s topline, led Del Monte’s Americas operation to post a $14.9 million operating loss compared to $8.5 million the prior year.
Sales, however, were stable with DMFI’s turnover hitting $356.6 million.
Meanwhile, Del Monte, excluding DMFI, posted sales of $180.4 million, 8.1 percent higher than last year’s $166.9 million.
“This was mainly driven by international markets’ strong growth due to higher sales of S&W fresh and packaged pineapples to Asia, Europe and Middle East,” the company said. Sales to the Philippines grew by 1.7 percent.
