DOLE FOOD COMPANY, INC. TO REFINANCE CREDIT FACILITIES
WESTLAKE VILLAGE, California - June 13, 2011
Dole Food Company, Inc. (NYSE: DOLE) today announced that it intends to refinance its existing senior secured credit facilities inorder to provide enhanced operating flexibility.
The new facilities will consist of a $350 million multi-currency asset based Revolving Credit Facility, a $315 million Senior Secured Term Loan B at Dole and a $585 million Senior Secured Term Loan C at Solvest, Ltd., a wholly owned Bermuda subsidiary. The proceeds from the transaction will be used to fund the repayment of any outstanding balances under the existing asset based Revolver, the existing DoleTerm Loan and the existing Solvest Term Loan, in addition to associated feesand expenses, as well as general corporate purposes.
Dole, with 2010 net revenues of $6.9 billion, is the world’s largest producer and marketer of high-quality fresh fruit and fresh vegetables, and is the leading producer of organic bananas. Dole markets a growing line of packaged and frozen fruit and is a produce industry leader in nutrition education and research.
This release contains "forward-looking statements," within the meaning of the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. Forward looking statements, which are based on management's current expectations, are generally identifiable by the use of terms such as "may," "will," "expects," "believes," "intends," "anticipates" and similar expressions. The potential risks and uncertainties that could cause actual results to differmaterially from those expressed or implied herein include weather-related phenomena; market responses to industry volume pressures; product and rawmaterials supplies and pricing; energy supply and pricing; changes in interest and currency exchange rates; economic crises and security risks in developing countries; international conflict; and quotas, tariffs and other governmental actions. Further information on the factors that could affect Dole's financial results is included in its SEC filings, including its Annual Report on Form10-K.