DOLE FOOD COMPANY, INC. ANNOUNCES RESULTS TO DATE OF CASH TENDER OFFER FOR DEBT SECURITIES
WESTLAKE VILLAGE, Califoronia - April 11, 2005
Dole Food Company, Inc. today announced the results to date of its tender offer (the "Offer") for up to $325 million aggregate principal amount of its outstanding debt securities (the "Notes").
As of 5:00 p.m., New York City time, on Friday, April 8, 2005, which was the "Early Tender Date" for the 8-5/8% Senior Notes due 2009 (the "8-5/8% Notes"), holders had tendered approximately $424 million in aggregate principal amount of the 8-7/8% Senior Notes due 2011 (the "8-7/8% Notes"), $209.4 million in aggregate principal amount of the 8-5/8% Notes, and $21.3 million in aggregate principal amount of the 7-1/4% Senior Notes due 2010. Based on the results to date, $275 million principal amount of the 2011 Notes and $50 million principal amount of the 2009 Notes will be accepted in the Offer, subject to the terms and conditions of the Offer. Based on the results to date, approximately 64.9% of all tendered 8-7/8% Notes and 23.9% of all tendered 8-5/8% Notes would be accepted.
The Offer will expire at 12:00 midnight, New York City time, on Thursday, April 14, 2005 (the "Expiration Date"), unless extended or earlier terminated by Dole. Notes tendered pursuant to the Offer may no longer be withdrawn. The settlement date of the Offer is expected to be on or about April 15, 2005.
The complete terms and conditions of the Offer are set forth in the Offer to Purchase dated March 18, 2005 as supplemented April 1, 2005. Holders are urged to read the tender offer documents carefully.
Banc of America Securities LLC is the exclusive dealer manager for the Offer. Questions regarding the Offer may be directed to Banc of America Securities LLC, High Yield Special Products, at 888-292-0070 (U.S. toll-free) and 704-388-4813 (collect). Copies of the Offer to Purchase and Letter of Transmittal may be obtained from the Information Agent for the Offer, Global Bondholder Services Corporation, at 866-937-2200 (U.S. toll-free) and 212-430-3774 (collect).
This press release is neither an offer to purchase, nor a solicitation for acceptance of the Offer. Dole is making the Offer only by, and pursuant to the terms of, the Offer to Purchase.
Dole Food Company, Inc., with 2004 revenues of $5.3 billion, is the world's largest producer and marketer of high-quality fresh fruit, fresh vegetables and fresh-cut flowers. Dole markets a growing line of packaged and frozen foods 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" and similar expressions. The potential risks and uncertainties that could cause actual results to differ materially from those expressed or implied herein include weather-related phenomena; market responses to industry volume pressures; product and raw materials supplies and pricing; electrical power 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 Form 10-K.