Syndication of $1.44 billion financing completed for Dole plc

Total Produce plc  announced today that it has successfully completed the syndication of its financing arrangements for the purpose of its combination with Dole Food Company, Inc. under Dole plc, which will be a newly created U.S. listed company. Previously on 14 April 2021, Total Produce announced it had entered into a credit agreement for $940 million senior secured Term Loan B (“TLB”) and $500 million senior secured Revolving Credit Facility.

Following strong demand Total Produce revised the arrangements to a $540 million seven-year U.S. dollar senior secured TLB facility, a $300 million senior secured U.S. dollar five-year Term Loan A facility and a $600 million multicurrency senior secured RCF, totalling $1.44 billion
(collectively, “the Facilities”). Total Produce is pleased to confirm that all facilities have been successfully syndicated.

On completion of the closing of the Transaction, the Facilities will be used, in part, to refinance Dole Food Company, Inc’s existing financing arrangements. The combined financing arrangements will
finance Dole plc’s activities at a lower cost.

S&P Global Ratings assigned a preliminary BB issuer credit rating to Dole plc and a preliminary BB+ issue-level rating to the senior secured facilities. Moody’s assigned a Corporate issue-level rating of Ba3.
Coöperatieve Rabobank U.A., Bank of America and Goldman Sachs Bank USA are the joint bookrunners and joint lead arrangers for the RCF and TLA, and Bank of America, Coöperatieve Rabobank U.A. and Goldman Sachs Bank USA are the joint bookrunners and joint lead arrangers for the TLB.

For more information:
Brian Bell
Wilson Hartnell PR
Tel.: + 353-1-669 0030

Blake Sonnenshein
Brunswick Group
Tel.: +1 212 333 3810

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