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DOLE > SEC Filings for DOLE > Form 8-K on 8-May-2013All Recent SEC Filings

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Form 8-K for DOLE FOOD CO INC


8-May-2013

Creation of a Direct Financial Obligation or an Obligation under an Off-Balance


Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

On May 2, 2013, following the syndication of the loans received under Dole's April 1, 2013 credit agreement, Dole entered into an amended and restated credit agreement under which Dole Food Company, Inc. and Solvest, Ltd. continue to be the borrowers. The amended and restated credit agreement replaces the April 1, 2013 credit agreement. The amended and restated credit agreement provides for a revolving credit facility of $180 million, divided between domestic and off-shore borrowings, and a term loan of $675 million, which reflects the $500 million drawn on April 1, 2013, the borrowing of $125 million that Dole was entitled to request through the end of September 2013 under the April 1, 2013 credit agreement, and an additional $50 million. The amended and restated credit agreement also allows Dole to request future incremental loans. The annual interest rate on the term loan is, at Dole's option, either (i) LIBOR plus 2.75%, with a LIBOR floor of 1.00% or (ii) a base rate plus 1.75%. The interest rate on amounts drawn under the revolver is, at Dole's option, either (i) LIBOR plus 2.50% to 2.75%, with no LIBOR floor, or (ii) a base rate plus 1.50% to 1.75%, in each case, based upon Dole's consolidated leverage ratio, but beginning at the upper number in the range. A portion of the revolving loan facilities may, at Dole's discretion, be used to provide letters of credit.

The U.S. loans are secured by substantially all the U.S. assets of Dole and its domestic subsidiaries; the offshore loans are also secured by certain assets of Dole's Bermuda subsidiaries. The amended and restated credit agreement contains customary covenants, restrictions and default terms. The revolving credit facility matures in five years and the term loan matures in seven years.



Item 9.01. Financial Statements and Exhibits

(d) Exhibits:

10.1    Amended and Restated Credit Agreement, dated as of May 2, 2013, among Dole
        Food Company, Inc., Solvest, Ltd., the Lenders party thereto, Bank of
        America, N.A. and Coöperatieve Centrale Raiffeisen - Boerenleenbank B.A.,
        "Rabobank Nederland," New York Branch, and The Bank of Nova Scotia, as
        Co-Documentation Agents, Wells Fargo Bank, National Association, as
        Syndication Agent and Deutsche Bank AG New York Branch, as Administrative
        Agent.


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