Dole secures US$1.2B refinancing deal to support growth
The fresh produce company says the new arrangement offers better terms and greater financial flexibility.
USA – Dole plc has completed a major refinancing of its corporate credit facilities, locking in more favorable terms and setting a stable course for future operations.
In a statement released earlier this week, Dole said the new financing package totals US$1.2 billion and is split across three instruments: a US$600 million five-year revolving credit facility, a US$250 million five-year term loan A, and a US$350 million seven-year farm credit term loan.
The refinancing replaces the company’s previous structure, which included an older revolving credit line, a term loan A, and a senior secured term loan B.
Speaking on the development, Jacinta Devine, Dole’s chief financial officer, said, “This refinancing strengthens the financial position of Dole and provides enhanced financial flexibility to support our growth initiatives.”
She also noted the strong backing from financial partners: “We are grateful for the ongoing support of our lenders and appreciate their partnership and confidence in our operations and long-term strategy.”
The company believes this move gives it more room to work with as it continues to invest in various projects across its fresh produce supply chains, while also allowing for a better management of debt obligations.
Sustainability and brand engagement
The refinancing announcement follows on the heels of Dole’s fresh effort to engage customers around sustainability.
As National Banana Day approaches on April 16, the company has teamed up with kitchen appliance maker Ninja and composting company Reencle to raise awareness about banana use and food waste reduction.
The campaign, named “Farm-to-Table-to-Garden National Banana Day Sweepstakes,” kicked off this week and encourages banana lovers to enjoy the fruit in different forms – fresh, frozen, and composted. It also promotes reusing banana peels at home instead of throwing them away.
“Dole’s goal with this year’s National Banana Week was to share the entire life cycle journey of a simple banana beyond one dimension of peeling and eating by including Ninja and Reencle in a deliciously sustainable collaboration that’s as good for the planet as it is for banana lovers – and I think we’ve succeeded,” said William Goldfield, Dole’s director of communications.
As part of the campaign, fans can win a prize pack valued at over $950, including a year’s supply of DOLE® Bananas, a Ninja Swirl soft-serve machine, and a Reencle Home Composter.
Participants must post a photo featuring one of the three items on Dole’s social media pages using the hashtag #BananaHaul by noon ET on April 16.
Together, the refinancing move and the sustainability campaign highlight Dole’s current focus on both financial stability and consumer engagement.
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