Del Monte Foods is planning to raise about $1.5 billion through the sale of eight-year senior notes, The Wall Street Journal reports. Bank of America Merrill Lynch and Morgan Stanley are the lead bookrunners of the note sale. The pet and food products company has also secured $3.25 billion of covenant-lite senior secured bank credit facilities, consisting of a $2.5 billion senior secured seven-year term loan and a $750 million senior secured five-year revolving credit facility. The proceeds from the note sale and the credit facilities will be used to fund its leveraged buyout by a private equity consortium led by KKR.
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