Dole plcDOLE
Dole plc Debt Disclosure
DEBT
Short-term borrowings, bank overdrafts and long-term debt consisted of the following:
| December 31, 2025 | December 31, 2024 | ||||||||||
| (U.S. Dollars in thousands) | |||||||||||
Corporate Revolving Credit Facility | $ | 67,827 | $ | 18,999 | |||||||
Term Loan Facilities | 595,124 | 703,700 | |||||||||
Vessel financing loans | 45,363 | 60,068 | |||||||||
Other long-term financing arrangements | 54,500 | 64,201 | |||||||||
Other revolving credit facilities, at a weighted average interest rate of 4.9% as of December 31, 2025 (5.6% as of December 31, 2024) | 56,990 | 34,717 | |||||||||
Bank overdrafts | 9,611 | 11,443 | |||||||||
Finance lease obligations, at a weighted average interest rate of 5.6% as of December 31, 2025 (5.5% as of December 31, 2024) | 44,915 | 74,018 | |||||||||
| Total debt, gross | 874,330 | 967,146 | |||||||||
Unamortized debt discounts and debt issuance costs | (7,237) | (9,531) | |||||||||
| Total debt, net | 867,093 | 957,615 | |||||||||
Current maturities, net of unamortized debt discounts and debt issuance costs | (57,668) | (80,097) | |||||||||
Bank overdrafts | (9,611) | (11,443) | |||||||||
Long-term debt, net | $ | 799,814 | $ | 866,075 | |||||||
Term Loan and Revolving Credit Facility
On May 1, 2025, the Company entered into the Amended and Restated Credit Agreement, which includes: 1) a multicurrency five-year senior secured revolving credit facility (the “Corporate Revolving Credit Facility”) that provides for borrowings up to $600.0 million; 2) a new five-year U.S. dollar senior secured term loan A facility (“New Term Loan A”) of $250.0 million; and 3) a seven-year U.S. dollar senior secured Farm Credit term loan facility (“Farm Credit Term Loan”) of $350.0 million (collectively, the “New Senior Secured Facilities”). The proceeds of the Corporate Revolving Credit Facility and New Term Loan A and Farm Credit facilities (“Term Loan Facilities”) were used to refinance all outstanding amounts under the Credit Agreement immediately prior to giving effect to the Amended and Restated Credit Agreement (the “Refinancing”), including repayment of its previous Corporate Revolving Credit Facility of $175.9 million and previous Term Loan Facilities of $702.3 million and payment of fees and expenses in connection therewith. The Corporate Revolving Credit Facility and New Term Loan A have expiration dates of May 1, 2030. The Farm Credit Term Loan has an expiration date of May 1, 2032.
Principal payments of the New Term Loan A and Farm Credit Term Loan are due quarterly based on the aggregate principal amount as of the closing date of the Amended and restated Credit Agreement, adjusted for principal repayments, multiplied by 0.625% and 0.25%, respectively, until maturity.
Interest under the Corporate Revolving Credit Facility and New Term Loan A is payable, at the option of Dole, either at (i) SOFR, or the respective benchmark rate depending on the currency of the loan, plus 1.00% to 2.25%, with a benchmark floor of 0.00% or (ii) a base rate plus 0.00% to 1.25%, in each case, to be determined based on the Company’s total net leverage ratio. Interest under the Farm Credit Term Loan is payable at SOFR plus 1.75% to 2.75%, to be determined based on the Company’s total net leverage ratio. As discussed in Note 17 “Derivative Financial Instruments”, the Company enters into interest rate swap arrangements to fix a portion of the Credit Agreement’s variable rate debt to fixed rate debt.
As a result of the Refinancing, the Company recognized a net expense of $3.2 million in the year ended December 31, 2025, which is included in other (expense) income, net, in the consolidated statements of operations. The components of the $3.2 million net expense were a $2.9 million write-off of previously capitalized fees and $1.3 million of new third-party fees, net of a $1.0 million unrealized gain upon hedge de-designation of certain interest rate swaps. As a result of the Refinancing, the Company capitalized new lender and third-party fees of approximately $5.3 million.
As of December 31, 2025, amounts outstanding under Term Loan facilities were $595.1 million, in the aggregate, and borrowings under the Corporate Revolving Credit Facility were $67.8 million. After taking into account $4.4 million of related outstanding letters of credit, Dole had $527.8 million available for cash borrowings under the Revolving Credit Facility as of December 31, 2025. As of December 31, 2024, amounts outstanding under the previous Term Loan Facilities were $703.7 million, in the aggregate, and borrowings under the Corporate Revolving Credit Facility were $19.0 million. After taking into account $5.8 million of related outstanding letters of credit, Dole had $575.2 million available for cash borrowings under the Revolving Credit Facility as of December 31, 2024.
Borrowings under the Credit Agreement are secured by substantially all of the Company’s material U.S. assets of wholly owned subsidiaries, certain European assets and by the equity interests of substantially all Dole subsidiaries located in the U.S. and certain subsidiaries located in Europe.
Vessel Financing Loans
On December 11, 2015, Dole entered into three secured loan agreements (“first vessel facility”) of up to $111.0 million, in the aggregate, to finance a portion of the acquisition costs of three new vessels. The first vessel facility consists of three tranches, each tied to a specific vessel, which allowed the Company to borrow up to 70%, or $37.0 million, of the contract cost of each vessel, collateralized by the completed vessel. Principal and interest payments are due quarterly in arrears for 48 consecutive installments. The first vessel facility bears interest at a rate per annum equal to SOFR plus a spread adjustment that varies from 0.11% to 0.72%, depending on the tenor of the borrowing, plus 2.00% to 3.25% and will mature on May 18, 2028. As of December 31, 2025 and December 31, 2024, Dole’s borrowings under the first vessel facility were $20.9 million and $30.1 million, respectively.
On October 30, 2020, Dole entered into two additional secured loan agreements (“second vessel facility”) of $49.1 million, in the aggregate, to finance a portion of the acquisition costs of two new vessels, which were delivered in 2021. Each agreement was tied to a specific vessel which allowed Dole to borrow 60%, or $24.5 million, of the contract cost of each vessel, collateralized by the completed vessel. On January 14, 2021 and April 7, 2021, the first and second loans were funded for $24.5 million each and mature on January 14, 2030 and April 7, 2030, respectively. The second vessel facility bears interest at a rate per annum equal to SOFR plus a spread adjustment of 0.10%, plus 3.25% and principal and interest payments are due semi-annually in arrears for 18 consecutive installments. As of December 31, 2025 and December 31, 2024, Dole’s borrowings under the second vessel facility were $24.5 million and $30.0 million, respectively.
These facilities were repaid in full subsequent to year end. See Note 25 “Subsequent Events” for further details.
Other Financing Arrangements
Dole’s other financing arrangements consist of a number of loan agreements entered into to finance other capital expenditures and working capital requirements.
On October 7, 2024, certain subsidiaries located in Honduras entered into a secured financing arrangement of $38.5 million in the aggregate. The arrangement provide for 10 year loans with principle and interest payments due monthly in arrears. The facilities bear interest at a fixed rate per annum equal to 8.90% for the first year, and a variable rate of SOFR plus 3.50% thereafter, with a floor rate of 8.00% per annum. The arrangements will mature on September 30, 2034. As of December 31, 2025 and December 31, 2024 borrowings under the facility were $34.0 million and $37.9 million, respectively.
As of December 31, 2025 and December 31, 2024, the Company had $20.5 million and $26.3 million, respectively, of remaining other financing arrangements, none of which are individually significant.
Other Credit Facilities
In addition to amounts available under the Corporate Revolving Credit Facility, Dole’s subsidiaries had other lines of credit and bank overdraft facilities at various local banks of $313.0 million, of which $243.8 million was available for use as of December 31, 2025. As of December 31, 2024, there were lines of credit of $277.3 million, of which $228.5 million was available for use. These lines are primarily used to fund seasonal working capital requirements, short-term borrowings and bank guarantees. They consist of both secured and unsecured facilities, committed and uncommitted, and some are guaranteed by the Company and certain subsidiaries. The majority of Dole’s other lines of credit extend indefinitely but may be cancelled at any time by Dole or the banks, and if cancelled, any outstanding amounts would be due on demand. As of December 31, 2025 and December 31, 2024, total bank overdrafts were $9.6 million and $11.4 million, respectively, and other amounts outstanding under these lines were $66.6 million and $46.2 million, respectively.
Finance Lease Obligations
As of December 31, 2025 and December 31, 2024, Dole’s finance lease obligations of $44.9 million and $74.0 million, respectively, primarily relate to machinery and equipment and containers, which continue through 2033.
Covenants and Restrictions
The credit facilities require Dole to maintain compliance with a maximum leverage ratio of 4.00 to 1.00 as of the last day of any fiscal quarter of the company. As of December 31, 2025, Dole was in compliance with all applicable covenants.
A breach of a covenant or other provision in any debt instrument governing Dole’s current or future indebtedness could result in a default under that instrument and, due to customary cross-default and cross-acceleration provisions, could result in a default under Dole’s other debt instruments. Upon the occurrence of an event of default under the credit facilities or other debt instruments, the lenders or holders of such debt could elect to declare all amounts outstanding to be immediately due and payable and terminate all commitments to extend further credit. If Dole were unable to repay those amounts, the lenders could proceed against the collateral granted to them, if any, to secure the indebtedness. If the lenders under Dole’s indebtedness were to accelerate the payment of the indebtedness, Dole cannot give assurance that its assets would be sufficiently liquid to repay in full its outstanding indebtedness on an accelerated basis.
Debt Discounts and Debt Issuance Costs
Debt discounts and issuance costs are amortized over the term of the debt agreement using the effective interest method. Debt discounts and issuance costs are presented as a direct reduction of debt in the consolidated balance sheets, except for those issuance costs related to revolving credit facilities and line-of-credit arrangements which are recorded as an other current asset or other asset in the consolidated balance sheets, depending on the maturity date.
The amortization expense related to Dole’s deferred debt discounts and issuance costs is recorded as interest expense in the consolidated statements of operations. For the years ended December 31, 2025, December 31, 2024 and December 31, 2023, amortization expense related to deferred debt discounts and issuance costs was $4.1 million, $6.1 million and $5.8 million, respectively.
Maturities of Current and Long-Term Debt
Stated maturities with respect to current and long-term debt, excluding finance lease obligations, as of December 31, 2025 were as follows:
Amount | ||||||||
| (U.S. Dollars in thousands) | ||||||||
| 2026 | $ | 61,068 | ||||||
| 2027 | 31,718 | |||||||
| 2028 | 24,476 | |||||||
| 2029 | 61,490 | |||||||
| 2030 | 299,739 | |||||||
| Thereafter | 350,924 | |||||||
| Total | $ | 829,415 | ||||||
For maturities of finance lease obligations, refer to Note 16 “Leases”.
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.