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Dole, Omnitracs Set Lender Meetings; Neiman Proposes Loan Rate

Dole Food Co., the fresh fruit and vegetable producer being taken private by its chief executive officer, and Omnitracs Inc., a transportation and logistics company seeking loans to back its private-equity buyout, are planning lender meetings this week to discuss deal financing.

Dole plans to meet with lenders on Oct. 9 to discuss a $675 million seven-year term loan that’s part of a $1.15 billion financing commitment it received from banks to help pay for its acquisition by CEO David Murdock, according to a person with knowledge of the transaction who asked not to be identified because terms aren’t set.

Murdock agreed to take Dole private in a deal valuing the Westlake Village, California-based company at $1.6 billion, including debt.

Omnitracs, based in San Diego, is planning a lender meeting on Oct. 10 to discuss $420 million of loans that will be used to finance its buyout by Vista Equity Partners, according to a person with knowledge of the deal who asked not to be identified because terms aren’t set.

Vista agreed to acquire the business from Qualcomm Inc. for $800 million in cash, according to a statement from Qualcomm in August. The debt financing is expected to include a $290 million first-lien term loan, a $100 million second-lien portion and a $30 million revolving credit line, the person said.

Neiman Marcus Group Inc., the luxury retailer being bought by Ares Management LLC and the Canada Pension Plan Investment Board, is asking lenders to decide by Oct. 16 whether they will participate in a $2.95 billion covenant-light term loan backing the leveraged buyout.

Loan Prices

Credit Suisse Group AG is arranging the loan, which will have an interest rate of 3.5 percentage points to 3.75 percentage points more than the London interbank offered rate, according to a person with knowledge of the transaction who asked not to be identified because terms aren’t set. Libor, the benchmark lending rate, would have a 1 percent floor.

The debt is being offered to investors at 99 cents on the dollar, the person said.

High-yield, high-risk loan prices averaged 97.5 cents on the dollar today, according to the Standard & Poor’s/LSTA U.S. Leveraged Loan 100 index.

Under a revolver, money can be borrowed again once it’s repaid; in a term loan, it can’t. Covenant-light loans don’t carry typical lender protections such as financial-maintenance requirements.

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