By Paul A. Harris
St. Louis, Sept. 18 - A month after postponing a bond offering due to market conditions, Dole Food Co., Inc. returned to the market to price a $315 million issue of 8% seven-year senior secured third-lien notes (B2/B-/) at 98.035 to yield 8 3/8% on Friday, according to an informed source.
Deutsche Bank Securities Inc., Bank of America Merrill Lynch and Wells Fargo Securities ran the books.
On Aug. 17, Dole postponed a $325 million offering of seven-year senior secured notes due to market conditions, syndicate sources said.
The Westlake Village, Calif.-based fruit and vegetables company will use the proceeds to fund the redemption at par of its 7¼% senior notes due 2010.
| Issuer: | Dole Food Co., Inc.
|
| Face amount: | $315 million
|
| Proceeds: | 308.81 million (approximately)
|
| Maturity: | Oct. 1, 2016
|
| Security description: | Senior secured third-lien notes
|
| Bookrunners: | Deutsche Bank Securities Inc., Bank of America Merrill Lynch, Wells Fargo Securities
|
| Co-managers: | Scotia Capital (USA) Inc., Goldman Sachs & Co.
|
| Coupon: | 8%
|
| Price: | 98.035
|
| Yield: | 8 3/8%
|
| Spread: | 527 bps
|
| Call protection: | Three years
|
| Trade date: | Sept. 18
|
| Settlement date: | Sept. 25
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B-
|
| Distribution: | Rule 144A
|
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