February 1, 2018 / 7:39 AM / 22 days ago

BRIEF-Total Produce Announces Placing To Raise About $150 Mln

Feb 1 (Reuters) - Total Produce Plc:

* ANNOUNCES A PLACING TO RAISE APPROXIMATELY $150 MILLION IN CAPITAL OF COMPANY

* IT HAS ENTERED INTO AGREEMENT TO BUY 45% EQUITY STAKE IN DOLE FOOD COMPANY, FROM DAVID H. MURDOCK FOR CASH CONSIDERATION OF $300 MILLION

* TRANSACTION IS EXPECTED TO GENERATE LOW DOUBLE DIGIT ADJUSTED EPS ACCRETION FOR TOTAL PRODUCE IN FIRST FISCAL YEAR POST CLOSING

* AIMS TO FINANCE CASH CONSIDERATION OF $300 MILLION THROUGH A BALANCED MIX OF TOTAL PRODUCE EQUITY AND DEBT

* NOW EXPECTING INCREASED 2017 ADJUSTED EPS OF ABOUT 13.4 CENTS VERSUS PRIOR GUIDANCE RANGE OF 12.5 TO 13.0 CENTS PER SHARE

* EXPECTS TO MAINTAIN ITS CURRENT APPROACH TO DIVIDEND PAYOUT POST-CLOSING OF TRANSACTION Source text for Eikon: Further company coverage: (Bangalore.newsroom@thomsonreuters.com)

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