Dole Food to repay some bank debt with asset sale proceeds

By Sara Rosenberg

New York, Sept. 23 - Dole Food Co. Inc. plans to pay down its senior secured credit facility using proceeds from asset sales, according to a news release.

The company has signed a binding letter of intent to sell its flowers division. This sale is expected to take place in two or three phases, with closing of at least the first phase expected to occur in the fourth quarter.

Also, the company has signed a definitive purchase and sale agreement to sell its JP Fresh subsidiary in England and its ripening and distribution business in France to Compagnie Financiere de Participations, with closing expected to occur in the fourth quarter.

When all phases of the flowers transaction are complete, net proceeds from the sale of the flowers division, the two Dole ripening and distribution companies in Europe and some additional agricultural acreage in California, Hawaii and Mexico will be about $145 million.

Dole is a Westlake Village, Calif.-based producer and marketer of fresh fruit and fresh vegetables, and a producer of organic bananas.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.