Dole Food begins tender offer for 8 5/8% notes due 2009

By Susanna Moon

Chicago, Feb. 13 - Dole Food Co., Inc. said it started a cash tender offer for all of its outstanding 8 5/8% senior notes due 2009.

Dole also is soliciting consents to amend the notes to eliminate most of the restrictive covenants.

The offer will expire at midnight ET on March 13.

Total payment will be par plus accrued interest, which includes a consent fee of $20.00 per $1,000 principal amount for notes tendered by the consent date of 5 p.m. ET on Feb. 27.

The offer is conditioned on a minimum tender condition, Dole having available sufficient funds to pay for tendered notes, receipt of any necessary consents from lenders under Dole's existing credit facilities and receipt of the required consents and execution of the supplemental indenture.

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

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