Moody's rates Dole Food notes Caa1

Moody's Investors Service said it assigned a Caa1 rating to Dole Food Co., Inc.'s proposed $275 million in junior secured notes.

Concurrently, Moody's affirmed all of Dole's other ratings, including its B3 corporate family rating.

The outlook is stable.

Dole, which is in the process of financing a management buyout, has made changes to the proposed capital structure since initially commencing its financing efforts. As part of the changes, Dole is seeking to increase its senior secured term loan from $675 million to $725 million, which Moody's will continue to rate B2.

Dole also chose to replace its proposed $325 million in senior unsecured notes with $275 million in junior secured notes, which will have a subordinate claim to other secured debt in its capital structure.

The rating on Dole's previously proposed $325 million senior unsecured notes was withdrawn.

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