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Dole gets approval to release DFC Holdings as guarantor of 7¼% notes
By Susanna Moon
Chicago, July 7 – Dole Food Co., Inc. said it secured the needed consents to amend its $300 million of 7¼% senior secured notes due 2025.
The solicitation ended at 5 p.m. ET on July 6.
The company said on June 26 that it was soliciting consents to release DFC Holdings, LLC as a guarantor.
Specifically, the amendments would release DFC Holdings from its guarantee under the note indenture upon the completion of a qualified initial public offering of the issuer’s common stock and subject to the substantially concurrent release of DFC Holdings’ guarantees under the term loan credit agreement and revolving credit agreement.
The consent solicitation was contingent upon consents from a majority of holders with a record date of June 23.
The cash consent fee will be $2.50 for each $1,000 principal amount of notes.
The solicitation agent is Morgan Stanley & Co. LLC (800 624-1808 or 212 761-1057). Global Bondholder Services Corp. (866 470-3900, 212 430-3774 or contact@gbsc-usa.com) is the information agent and tabulation agent.
Dole is a Westlake Village, Calif.-based fruit and vegetables company.
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