Total Produce completes $1.44bn refinancing

Dublin-listed Total Produce, which is merging with Dole Foods in the US, has completed a $1.44 billion (€1.2 billion) refinancing.

The credit agreement with Coöperatieve Rabobank provides a $500 million five-year committed multi-currency senior secured revolving credit facility, which is available to Total Produce and its co-borrowers. It also includes a $940 million seven-year senior secured term loan facility with Bank of America.

Proceeds of the facilities will be used to refinance the existing Total Produce and Dole debt agreements.

“The facilities are expected to provide long-term sustainable capitalisation following the completion of the transaction, lowering the combined company’s average cost of capital and creating a stronger balance sheet,” Total Produce said in a statement.

Bord Bia kicks off campaign to support €2.5bn segment of food market

---

Brewers want State aid to get rid of out-of-date drink

---

The Naked Collective bags Oscar for its healthy drink

---

Glanbia completes €50m share buy-back programme

---

Total announced plans to merge with Dole Foods in the US earlier this year to create the world’s largest fresh fruit and vegetable supply business with $10 billion in sales.

The combined company, operating under the Dole brand, will be incorporated in Ireland, with its global headquarters in Dublin, but it will be listed in the US.

Total reported a 1.7 per cent increase in revenues to €6.3 billion last year with an 8.2 per cent rise in adjusted earnings before interest, taxes, depreciation, and amortisation (ebitda) to €219.4 million. Adjusted earnings per share rose 9.1 per cent to 15.41 cents.