| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers D > Headlines for Dole plc > News item |
Dole launches $540 million term loan B at Libor plus 225-250 bps
By Sara Rosenberg
New York, June 2 – Dole plc launched on Wednesday its $540 million term loan B due 2028 with price talk of Libor plus 225 basis points to 250 bps with a 0.5% Libor floor and an original issue discount of 99 to 99.5, according to a market source.
The term loan B has 101 soft call protection for six months, the source said.
BofA Securities Inc., Rabobank and Goldman Sachs Bank USA are the joint bookrunners for the term loan B, with BofA the left lead.
Commitments are due at 5 p.m. ET on June 10, the source added.
The company’s $1.44 billion of credit facilities (BB+) also include a $600 million revolver due 2026 and a $300 million term loan A due 2026, the source said.
Proceeds will be used to help fund the merger of Dole Food Co. Inc. and Total Produce plc to create Dole plc and refinance existing debt at the companies.
Under the agreement, Total Produce shareholders will receive 82.5% of Dole plc shares and Castle & Cooke Inc. shareholders, which own a 55% interest in Dole’s parent company, will receive 17.5% of Dole plc shares.
In connection with the merger, Dole plc will target a primary equity capital raise of between $500 million and $700 million, which would significantly de-lever the combined balance sheet to a target of about 3x estimated combined net debt/adjusted EBITDA.
The combined company is estimated to have 2020 revenue of $9.7 billion, adjusted EBITDA of around $379 million and total assets of $4.5 billion.
Closing is subject to approval by Total Produce shareholders, regulatory approvals, market conditions and customary conditions.
Dole plc is a Dublin, Ireland-based fresh produce company.
© 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.