Dole to repay some bank debt with asset sale proceeds

By Sara Rosenberg

New York, Jan. 29 - Dole Food Co. Inc. plans to repay debt under its senior secured credit facility and/or reinvest in its business using about $130 million in proceeds from asset sales, according to a news release.

Pending reinvestment, cash proceeds will be used to pay down the company's revolver.

The asset sale proceeds are coming from various transactions.

First, Dole has already closed the first phase of the previously announced sale of its flowers division, and certain real estate of the flowers division will be sold in the subsequent phases of the transaction.

The company also closed on the sale of certain banana properties in Latin America and has signed a definitive purchase and sale agreement to sell certain property in North America.

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

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