Dole upsizes to $300 million, talks 5.5-year notes to yield 7¼%-7½%; pricing Friday

By Paul A. Harris

Portland, Ore., Oct. 24 - Dole Food Co. Inc. upsized its offering of 5.5-year senior secured notes (Caal/CCC+) to $300 million from $275 million on Thursday, according to market sources.

Yield talk is 7¼% to 7½%.

Books close at 5 p.m. ET on Thursday, and the deal is set to price on Friday.

Deutsche Bank Securities Inc., BofA Merrill Lynch and Scotia Capital (USA) Inc. are the joint bookrunners.

The Rule 144A for life notes come with two years of call protection.

Proceeds will be used to help fund the purchase of the company by chairman and chief executive officer David H. Murdock. The additional proceeds, along with a $50 million upsizing of the concurrent term loan, will be used to put cash on the balance sheet.

Dole Food is a Westlake Village, Calif.-based fruit and vegetables company.

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