Del Monte Foods Inc. (DMFI), the US-based subsidiary of canned fruit producer Del Monte Pacific Limited (DMPL), finalized a new $21- million financing arrangement with existing lenders.
The deal, concluded on Aug. 2, 2024, includes a potential additional $30 million in future borrowings, subject to certain conditions, DMPL said in a disclosure to the stock exchange.
The new financing aims to boost DMFI’s cash flow to meet short-term financial needs and support its operations. It also offers the company more flexibility for growth and strategic investments.
“The increased liquidity will also provide it with the necessary financial flexibility to pursue growth plans and capitalize on strategic opportunities as they arise,” DMPL said.
“Overall, the new term facility will ensure that the U.S. business has adequate financing in place to seize growth opportunities, navigate potential challenges effectively and drive future profitability especially as market conditions in the U.S. are anticipated to improve,” it said. Jenniffer B. Austria
