U.S.–based Del Monte Foods Inc.'s (DMFI) launched a $575 million senior secured bond and new $450 million ABL facility (unrated) to refinance its existing capital structure that are current obligations. We assigned a 'CCC+' issue-level and '3' recovery rating to the proposed senior secured notes. The complete refinancing also includes the $260 million second-lien term loan, previously repurchased through parent, DMPL, to be taken out at the group level with equity sale proceeds from a subsidiary of the group Del Monte Philippines Inc. In addition, DMPL, will use $150 million newly committed three-year bridge loans to fund new common shares at DMFI. Lastly, subject to the restricted payments basket on the proposed agreements, DMFI could pay interest to DMPL on
