Del Monte Foods Inc. Downgraded To #SD#, Second-Lien Rating Lowered To #D# On Debt Buyback At Less Than Par

Stocks and Financial Services Press Releases Friday June 29, 2018 10:43
NEW YORK--29 Jun--S&P Global Ratings
NEW YORK (S&P Global Ratings) June 28, 2018--S&P Global Ratings today lowered its corporate credit rating on Walnut Creek, Calif.-based Del Monte Foods Inc. to 'SD' from 'CCC-'.

We are lowering our issue-level rating on the second-lien term loan to 'D' from 'C'. The recovery rating remains '6', indicating our expectations of negligible (0%-10%, rounded estimate: 0%) recovery in the event of a payment default. We affirmed our 'CCC-' issue-level rating on the first-lien term loan and the '3' recovery rating is unchanged, reflecting our expectations for meaningful recovery (50%-70%, rounded estimate: 50%).

The downgrade follows the completion of the tender offer whereby the parent, DMPL, has repurchased $129 million of Del Monte's $260 million second-lien term loan at a 30% discount.

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