<article><a style="color: #000080;" href="http://www.nutriasia.com/">NutriAsia Pacific Ltd</a>, the controlling shareholder of <a href="http://www.delmontepacific.com/">Del Monte Pacific Ltd </a>(DMPL), has entered into a loan agreement with the <a href="https://www.bpiexpressonline.com">Bank of the Philippine Islands </a>(BPI) for up to P4.4 billion ($100 million) to finance the company&#8217;s  rights issue.</article>

<a style="color: #000080;" href="http://www.nutriasia.com/">NutriAsia Pacific Ltd</a>, the controlling shareholder of <a href="http://www.delmontepacific.com/">Del Monte Pacific Ltd </a>(DMPL), has entered into a loan agreement with the <a href="https://www.bpiexpressonline.com">Bank of the Philippine Islands </a>(BPI) for up to P4.4 billion ($100 million) to finance the company&#8217;s  rights issue.
The food and beverage company, that is dual listed in Philippines and Singapore,  had recently announced that it was pricing its stock rights issue at a discount – this allow it to raise about $149.9 million.
It plans to use the proceeds to repay a bridge facility of up to  $165 million from BPI that it had taken for partially finance the acquisition of Del Monte Corp’s consumer food business last year. The company had paid $1.675-billion for acquiring the consumer food business of American corporation Del Monte Foods Inc (DMFI).
Also read: <a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/del-monte-pacific-raise-180m-via-rights-issue-1595/">Del Monte Pacific to raise $180m via rights issue</a>
&#8220;To secure the loan, the parties shall enter into a share charge agreement under which a first ranking charge will be constituted in favor of the Hongkong and Shanghai Banking Corp Ltd (as security agent) over NutriAsia&#8217;s ordinary shares in the company with a collateral value of not less than 200 [per cent] of the loan amount and dividends accruing from the shares equivalent to an agreed percentage of the loan amount,&#8221; DMPL said in a statement to the stock exchange on Monday.
However, to maintain the 200 per cent collateral value, NutriAsia will be required to provide additional security as necessary, DMPL noted.
The Singapore and Philippine-listed company further added once NutriAsia submits the relevant subscription application from under the rights issue, the loan will be drawn down and share charge will then be created.
The share cover will constitute about 849.99 million or 65.28 percent of DMPL’s issued share capital before the rights issue and about 43.72 percent of the food company’s enlarged share capital after the rights issue, the company added in its statement to the exchange.
NutriAsia is a top producer of sauces and condiments in the Philippines. Its popular brands are UFC, Papa, Jufran, &amp; Mafran banana catsups.
DMPL&#8217;s last traded price was at P14.50, up by 0.060 or 0.42 per cent to last Friday&#8217;s P14.44.

NutriAsia Pacific Ltd, the controlling shareholder of Del Monte Pacific Ltd (DMPL), has got a loan agreement with BPI for up to $100 million

Del Monte promoters bag $100m loan from BPI

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Del Monte promoters bag $100m loan from BPI

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