(RTTNews) - Dole Food Co. Inc., a producer and marketer of fresh fruit and fresh vegetables, announced the pricing of its initial public offering of nearly 35.72 million shares of common stock at $12.50 per share. The pricing is below its recently estimated offering price range of $13 to $15 per share.

The company said this represents 41% of the capital stock outstanding with the balance continuing to be held by David Murdock. The company's shares will trade on the New York Stock Exchange under the symbol "DOLE" starting October 23, 2009, and offering is expected to close on October 28, 2009.

Dole Food said it plans to use this offering net proceeds to repay indebtedness thereby deleveraging its balance sheet. Goldman, Sachs & Co., BofA Merrill Lynch, Deutsche Bank Securities and Wells Fargo Securities are acting as joint book running managers for this offering.

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