Dole Foods expects to redeem or retire 7% '03 and 6 3/8% '05 notes after buyout

Dole Food Co. Inc. said Thursday (Dec. 19) that it expects to redeem or retire its outstanding 7% notes due 2003 and 6 3/8% notes due 2005 upon completion of the buyout of the Westlake, Calif.-based fruit and vegetable company by its chairman and 24% owner, David H. Murdock, for $33.50 per share in cash. The per-share consideration places the total enterprise value of Dole, which includes the assumption of debt, at approximately $2.5 billion.

Besides redeeming or retiring the 7% and 6 3/8% notes, the company announcement further said that Dole also expects that its 7¼% senior notes due 2009 and 7 7/8% debentures due 2013 will remain outstanding after the buyout transaction.

Dole said it intends to modify the senior notes due 2009 and debentures due 2013 to provide for substantially the same interest rate, covenants and guarantees from certain Dole subsidiaries as will be provided for up to $450 million of proposed new debt securities which are to be issued as part of the financing for the buyout. The exact timing of these actions would be dependent on the timing of the merger.

Tricom names Bear Stearns as dealer manager for 11 3/8% '04 notes exchange offer

Tricom SA said on Thursday (Dec. 19) that it has appointed Bear, Stearns & Co. (call 877 696-BEAR (ext. 2327) toll free in the U.S., international investors call +1 212 272-5112) to act as dealer manager for its previously announced proposed exchange offer for its 11 3/8% senior notes due 2004 and the related solicitation of noteholder consents to proposed indenture changes.

The company said its registration relating to the exchange offer, which has been filed with the Securities and Exchange Commission has not yet become effective.

AS PREVIOUSLY ANNOUNCED: Tricom, a regional integrated telecommunications provider in the U.S., Caribbean and Central America based in Santo Domingo, D.R., said on Wednesday (Dec. 18) that it had filed a registration statement with the SEC in connection with the proposed exchange offer for its outstanding $200 million aggregate outstanding principal amount of its 11 3/8% senior notes due 2004, and the related consent solicitation.

The company said it intends to offer holders of the existing notes the opportunity to exchange their notes for new notes and cash or warrants to purchase the company's ADSs representing shares of its Class A common stock. The company also intends to solicit a consent from the holders of the outstanding 11 3/8% notes to amend certain of the covenants contained in the indenture governing those notes.

It said that the terms of the exchange offer, including interest rate, maturity of the new notes and the amount of the cash payment and warrants to be issued, had not yet been finalized.

Tricom said that the planned tender offer was "consistent with its previously announced plan to extend the company's debt profile and strengthen the company's capital structure."

It said that a registration statement relating to the exchange offer and consent solicitation had been filed with the SEC, but had not yet become effective.

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