<article>Food and beverage products company <a style="color: #ff0000;" href="http://www.delmontepacific.com/Website/index.html" target="_blank">Del Monte Pacific</a>, which is dual-listed on the mainboard of the Singapore Exchange (SGX) and the Philippine Stock Exchange (PSE), has deferred plans for its international offering of $360 million worth of preference shares.</article>

Food and beverage products company <a style="color: #ff0000;" href="http://www.delmontepacific.com/Website/index.html" target="_blank">Del Monte Pacific</a>, which is dual-listed on the mainboard of the Singapore Exchange (SGX) and the Philippine Stock Exchange (PSE), has deferred plans for its international offering of $360 million worth of preference shares.
Also Read: <a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/del-monte-pacific-raise-180m-via-rights-issue/" target="_blank">Del Monte Pacific  plans to raise $180 million through a rights issue</a>
The company, in a regulatory filing, cited weak global market conditions, for postponing its preference share offering. The offering was being undertaken to refinance its bridge loan with <a style="color: #ff0000;" href="https://www.bdo.com.ph/" target="_blank">BDO Unibank Inc</a> (Philippines), and also partially fund the company’s acquisition of <a style="color: #ff0000;" href="http://www.delmonte.com/" target="_blank">Del Monte Corp’s</a> consumer food business last year.
That acquisition had helped extend the footprint of the group’s business to the US and South America. It had also acquired various trademarks for consumer products such as Del Monte, S&amp;W, Contadina, College Inn, Fruit Naturals, Orchard Select and SunFresh.
“The Company will continue to monitor the financial markets, and undertake the Offering under better market conditions,” it added in a statement.
Also read: <a href="http://www.dealstreetasia.com/stories/jg-summit-raises-199m-via-share-placement/" target="_blank">Phillipines based JG Summit raises $199 million via share placement</a>
Del Monte Pacific ended Thursday (January 22) trading in Singapore at S$0.48 a share, down half a Singapore cent. The company had a net debt of $2 billion as of October-end 2014 against an equity of $222 million.
DEALSTREETASIA had <a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/del-monte-pacific-raise-180m-via-rights-issue/" target="_blank">reported</a> in December that Del Monte Pacific, plans to sell up 641.9 million new shares across both the markets, through a rights issue, and raise $180 million. The company’s move to defer plans for the international offering preference shares will not affect the proposed rights issue.
Earlier this week, it had got regulatory clearances for the rights shares.
It has already brought in <a style="color: #ff0000;" href="http://www.dbs.com/DBS-Banking" target="_blank">DBS Bank Ltd</a> as the lead manager and underwriter for the Singapore rights issue, and <a style="color: #ff0000;" href="https://www.bpiexpressonline.com/" target="_blank">BPI Capital Corporation</a> as the lead manager and underwriter for the Philippines rights issue.

Del Monte cancels $360m pref share offering

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Del Monte cancels $360m pref share offering

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