Dole sets pricing on $850 million term loan at Libor plus 325 bps

By Sara Rosenberg

New York, Feb. 12 -Dole Food Co. Inc. finalized pricing on its $850 million seven-year term loan (Ba2/BB-) at Libor plus 325 basis points, the low end of initial talk of Libor plus 325 bps to 350 bps, according to an informed source.

As before, the term loan includes a 1.75% Libor floor and was sold to investors at an original issue discount of 99.

The company's $1.2 billion credit facility also includes a $350 million four-year ABL revolver priced at Libor plus 400 bps with no Libor floor.

Deutsche Bank, Bank of America and Wells Fargo are the lead banks on the deal.

Proceeds will be used to refinance existing term loan and ABL revolver debt and the remaining $70 million of senior notes that mature in 2011.

Closing on the transaction is expected to take place on Feb. 23.

Dole is a Westlake Village, Calif.-based fruit and vegetables company.

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