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WESTLAKE VILLAGE — Dole Food Co., one of the world's largest producers of fresh fruit and vegetables, said Friday that it plans a private offering of $310 million senior secured notes due 2016.
The privately held company said it expects to use net proceeds to redeem senior notes due June 15, 2010.
Last month Dole said it hoped to raise up to $500 million through an initial public offering of its common shares. It plans to use the offering's proceeds to pay off some debt, with any remaining funds used for general corporate purposes.
The company has been selling assets to pay down debt. Dole also said in August that it planned to sell certain operating properties in Latin America for about $68 million to help pay down debt. The deal is expected to close in its fiscal third quarter. Dole said cash flow generated from operations jumped sharply in the second quarter ended June 20, to $170 million compared with $60 million the same period a year ago.
