Dole Food Company, Inc. (“Dole”) announced today that, as of 5:00 p.m., New York City time, on March 4, 2009, it had extended, to 5:00 p.m., New York City time, on March 6, 2009, the consent payment deadline with respect to its previously announced cash tender offer to purchase all of its outstanding 8 5/8% Senior Notes due 2009 (the “Notes”) and consent solicitation with respect to certain amendments to the indenture governing the Notes.
As previously announced, Dole has received the requisite consents necessary to amend the indenture governing the Notes and, accordingly, has executed the supplemental indenture effecting the amendments to the indenture governing the Notes. Such amendments will become operative on the date that validly tendered Notes are accepted for purchase and payment by Dole (the “Acceptance Date”).
As of the close of business on March 4, 2009, approximately $246 million (or 71%) in aggregate principal amount of the Notes had been tendered and consents to the proposed amendments to the indenture governing the Notes had been received from holders of approximately 71% in aggregate principal amount of the Notes.
The tender offer and consent solicitation (the “Tender Offer”) will expire at 12:00 midnight, New York City time, on March 13, 2009, unless the Tender Offer is extended by Dole. Dole may amend, extend or terminate the Tender Offer in its sole discretion. The Tender Offer is subject to several conditions, including, among other things, Dole’s having available funds to pay the total consideration with respect to all the Notes (regardless of the amount of Notes tendered) from the offer and sale of newly issued notes or other sources on terms and conditions acceptable to Dole, in its sole discretion, prior to the Acceptance Date, together with cash on hand and borrowings under Dole’s revolving credit facility.
This press release is neither an offer to purchase nor a solicitation of an offer to sell the Notes. The Offer is being made pursuant to the Offer to Purchase and Consent Solicitation Statement and related materials, copies of which have been delivered to holders of the Notes. Persons with questions regarding the Offer should contact the Dealer Managers and Solicitation Agents, Deutsche Bank Securities Inc., at (800) 553-2826 (toll free) or (212) 250-3276 (collect) or Banc of America Securities LLC, at (888) 292-0070 (toll free) or (704) 388-9217 (collect), or the Information Agent, Global Bondholder Services Corporation, at (866) 389-1500 or (212) 430-3774.
Dole, with 2008 net revenues of $7.6 billion, is the world's largest producer and marketer of high-quality fresh fruit and fresh vegetables. Dole markets a growing line of packaged and frozen fruit and is a produce industry leader in nutrition education and research.
This release contains “forward-looking statements,” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. Forward looking statements, which are based on management’s current expectations, are generally identifiable by the use of terms such as “may,” “will,” “expects,” “believes,” “intends,” “anticipates” and similar expressions. The potential risks and uncertainties that could cause actual results to differ materially from those expressed or implied herein include weather-related phenomena; market responses to industry volume pressures; product and raw materials supplies and pricing; energy supply and pricing; changes in interest and currency exchange rates; economic crises; security risks in developing countries; international conflict; and quotas, tariffs and other governmental actions. Further information on the factors that could affect Dole’s financial results is included in its SEC filings.
Joseph Tesoriero, (818) 879-6900
Beth Potillo, (818) 879-6733