Dole Food extends consent deadline for 8 5/8% notes due 2009

By Jennifer Chiou

New York, March 5 - Dole Food Co., Inc. announced that it pushed back the consent deadline for its 8 5/8% senior notes due 2009 to 5 p.m. ET on March 6 from March 4.

The consent deadline had previously been delayed until 5 p.m. ET on March 4 from 5 p.m. ET on Feb. 27. The company already said it received sufficient consents to amend the indenture governing the notes and executed a supplemental indenture.

The cash tender offer for the 8 5/8% notes began on Feb. 13. It expires at midnight ET on March 13.

As of the close of business on March 4, $246 million, or 71%, of the notes had been tendered. As of the close of business on Feb. 27, $240 million principal amount of the notes, or 69%, had been tendered.

The company had solicited consents to amend the notes to eliminate most of the restrictive covenants.

Total payment will be par plus accrued interest, which includes a consent fee of $20 per $1,000 principal amount for notes tendered by the consent date.

The offer is conditioned on a minimum tender condition, Dole having available sufficient funds to pay for tendered notes, receipt of any necessary consents from lenders under Dole's existing credit facilities and receipt of the required consents and execution of the supplemental indenture.

Deutsche Bank Securities Inc. (800 553-2826 or collect at 212 250-3276) and Banc of America Securities LLC (888 292-0070 or collect at 704 388-9217) are the dealer managers and solicitation agents.

Global Bondholder Services Corp. (866 389-1500 or 212 430-3774) is the information agent.

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

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