Del Monte to raise P7.5B

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    Del Monte Pacific Ltd. seeks to raise P7.5 billion in funding through the issuance of bonds.

    The company said it has received regulatory approval for the plan that is consist of an initial P5 billion and another P2.5 billion covering the oversubscription option.

    Del Monte did not disclose where it would use the proceeds of the bond sale.

    Del Monte posted a $3.25- million loss in the first quarter, down from $38.26 million last year year.

    Sales stood at $413.06 million, up 9.9 percent from last year’s $375.86 million.

    Its US unit Del Monte Foods Inc, which contributed 64.9 percent of total topline, posted sales of $268.2 million, up 11.1 percent mainly driven by improved volume across almost all categories from the pandemic, partly offset by supply challenges on core vegetables and fruits.