Del Monte Refinancing Offer Filled

NEW YORK - Feb 8/05 - SNS -- Del Monte Corporation completed its plan to refinance a significant portion of its outstanding debt.

The refinancing included the consummation of the Corporation's cash tender offer and consent solicitation (the "Offer") with respect to its outstanding 9 1/4% senior subordinated notes due 2011 (the "Old Notes"), the Corporation's private placement offering of $250 million principal amount of its 6 3/4% senior subordinated notes due 2015 (the "New Notes") and the Corporation's consummation of a new $950 million senior credit facility (the "New Credit Facility").

The Corporation used the proceeds from the sale of the New Notes and borrowings under the New Credit Facility to fund the payment of consideration and costs relating to the Offer and to repay amounts outstanding under its previous credit facility. The New Credit Facility consists of a revolving credit facility of $350,000,000 with a term of six years, a $450,000,000 term loan A with a term of six years, and a $150,000,000 term loan B with a term of seven years.