SAN FRANCISCO - BankAmerica Corp. has closed three loans to Del Monte Foods Co. totaling $587.5 million.
The financing includes a five-year, $400 million revolving line of credit - underwritten, agented, and syndicated by BankAmerica Business Credit - and a five-and-a-half-year, $137.5 million term loan that was arranged by BankAmerica Leasing and Capital Group.
The remaining portion of the financing is a $50 million private placement of six-and-a-half-year senior secured notes arranged by B.A. Securities Inc.
The funds will be used for working capital and to refinance bank debt and floating-rate notes provided by syndicates of banks and other financial institutions.
In addition to BankAmerica, 11 financial institutions participated in the revolving credit. Seven others participated in the term loan, and the senior secured notes were placed with five financial institutions.