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Thursday, Jun 1, 2023

Dole’s Asset Sale Transactions to Yield $130 Million

Dole Food Company Inc.’s asset sale transactions are expected to generate net proceeds of $130 million. Dole, headquartered in Westlake Village, recently completed the sale of its flowers business and the sale of certain banana properties in Latin America. It has also signed a definitive purchase and sale agreement to sell certain property in North America. When the North American property sale closes at the end of the first quarter of 2009, Dole will have received net cash proceeds of approximately $84 million from the three transactions. When all phases of the transactions are complete, net proceeds to Dole will be approximately $130 million. The cash proceeds will be used to pay down Dole’s debt under its senior secured credit facilities or to reinvest in the business. Pending reinvestment, cash proceeds will be used to pay down Dole’s revolving credit facility.

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