Dole sign FL

US-based multinational Dole Food Company has reportedly reached agreement with Deutsche Bank on plans to refinance its debt using so-called junior notes (also known as second-lien bonds).

Dole, which achieved net revenues of US$7.6bn in 2008, recently asked senior lenders for amendments to its loan agreement that would allow it to issue up to US$500m of so-called second-line debt, said the Reuters news agency.

The group must refinance US$345m in bonds which are due to mature at the beginning of May, but according to Reuters required permission from senior lenders in order to proceed.

According to the Los Angeles Business Journal, the company said it intends to sell US$325m in senior secured notes, due in 2014, through a private offering.

The company will use the net proceeds of the sale, as well as loans, to acquire the senior notes which are due in May and cover its expenses, the Journal said.