Dole Food postpones $325 million offering of seven-year secured notes

By Paul A. Harris

St. Louis, Aug. 17 - Dole Food Co., Inc. postponed its $325 million offering of seven-year senior secured notes on Monday due to market conditions, syndicate sources said.

The Westlake Village, Calif.-based fruit and vegetables company planned to use the proceeds to fund the redemption at par of its 7¼% senior notes due 2010.

Deutsche Bank Securities Inc., Bank of America Merrill Lynch and Wells Fargo Securities LLC were joint bookrunners for the bond offering.

Dole Food is also planning a $500 million initial public stock offering, proceeds from which will be used to pay down debt, with the remaining proceeds, if any, earmarked for general corporate purposes.

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