Fresh Del Monte Produce Inc. (ticker: FDP, exchange: New York Stock Exchange (.N))
News Release -
Fresh Del Monte Announces Pricing of Ordinary Shares in Primary/Secondary OfferingCORAL GABLES, Fla., Nov 07, 2007 (BUSINESS WIRE) -- Fresh Del Monte Produce Inc. (NYSE: FDP), announced yesterday the
pricing of the public offering of 10,000,000 ordinary shares (resized
from an initially offered 12,000,000 ordinary shares). The offering
price was set at the ordinary share's closing price on the New York
Stock Exchange yesterday, $28.97 per share. The offering is expected
to close on November 13, 2007.
The offering includes 4,000,000 ordinary shares being sold by
Fresh Del Monte and 6,000,000 ordinary shares being sold by IAT Group
Inc., our principal shareholder. Fresh Del Monte and IAT Group have
also granted the underwriters an option to purchase up to a combined
1,500,000 additional ordinary shares solely to cover over-allotments,
Fresh Del Monte currently intends to use the net proceeds from the
offering for the repayment of indebtedness outstanding under its
credit facility. Fresh Del Monte will not receive any proceeds from
the sale of ordinary shares by IAT Group.
Morgan Stanley & Co. Incorporated is the sole book-running manager
for the offering, with Merrill Lynch, Pierce, Fenner & Smith
Incorporated, Piper Jaffray and Wachovia Capital Markets, LLC acting
The offering is being made only by means of a prospectus
supplement and accompanying prospectus, copies of which are available
for review at www.sec.gov. Alternatively, those documents may be
obtained by contacting: Morgan Stanley & Co. Incorporated, Prospectus
Department, 180 Varick Street, 2nd Floor, New York, NY 10014,
telephone: 1-866-718-1649 or via e-mail at
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be a sale of these
securities in any state or other jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
ABOUT FRESH DEL MONTE PRODUCE
Fresh Del Monte is a vertically integrated producer, marketer and
distributor of fresh and fresh-cut fruit and vegetables, as well as a
producer and distributor of prepared fruits and vegetables, juices,
beverages, snacks and desserts. Fresh Del Monte, based in the Cayman
Islands, markets its products worldwide under the Del Monte (R) brand.
FORWARD LOOKING AND CAUTIONARY STATEMENTS
This press release contains forward-looking statements about Fresh
Del Monte's intention to complete the offering of ordinary shares
described above and apply the offering proceeds as described. These
forward-looking statements can be identified by the use of words such
as "expects," "plans," "estimates," "projects," "intends," "believes,"
"guidance," and similar expressions. Do not unduly rely on
forward-looking statements. They give Fresh Del Monte's expectation
about the future and are not guarantees. Actual results might differ
significantly from our forecasts and expectations due to factors
included and described in the "Risk Factors" sections of the
prospectus supplement related to the offering and the documents that
it incorporates by reference. Forward-looking statements speak only as
of the date they are made, and we do not undertake any obligation to
update them to reflect changes that occur after that date.
SOURCE: Fresh Del Monte Produce Inc.
Fresh Del Monte Produce Inc.
Christine Cannella, 305-520-8433
Assistant Vice President - Investor Relations