Dole Refinances Debt

Dole Food Company plans to refinance its existing senior secured credit facilities in order to create more operating flexibility. The Westlake Village-based company’s new facilities will consist of the following: a $350 million multi-currency asset based revolving credit facility, a $315 million senior secured term loan at Dole, and a $585 million senior secured term loan at Solvest, Ltd., a wholly owned Bermuda subsidiary. The company will use the transaction proceeds to fund the repayment of any outstanding balances under the existing loans, along with associated fees and expenses. Jessica Vernabe