Two-tranche $450 million deal to fund Dole Food LBO starts roadshow Thursday

By Paul A. Harris

St. Louis, March 4 - Two tranches of a $450 million Rule 144A high-yield deal to help fund the leveraged buyout of Dole Food Co., Inc. by DHM Acquisition Co. will begin roadshowing on Thursday, according to a syndicate source.

The offer will be comprised of $375 million of senior notes due 2011 non-callable for four years to be issued by Dole Food Co., Inc. and $75 million of PIK notes due 2013 with a call structure to be determined to be issued by DHM Holding Co., Inc.

The deal is expected to price on March 19 or 20.

Deutsche Bank Securities Inc. and Banc of America Securities are joint bookrunners. Scotia Capital, Fleet Securities and SG Cowen are co-managers.

The Westlake, Calif.-based issuer is a marketer of high-quality fresh fruit, fresh vegetables and fresh-cut flowers, and markets a growing line of packaged goods.

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