Del Monte shelves rights issue in view of weak market conditions
BDO Unibank won't be paid anytime soon.
Mainboard-listed Del Monte Pacific today announced that it is shelving its proposed rights issue in light of weak market conditions.
“The Company has decided to defer the Offering which was proposed to refinance the Company’s bridge loan with BDO Unibank, Inc. which partially funded the Company’s acquisition of Del Monte Corp.’s consumer food business in 2014. The Company is making arrangements for the extension of such bridge loan. The Company will continue to monitor the financial markets, and undertake the Offering under better market conditions,” Del Monte stated in a release to the SGX.