Dole, Property Subsidiary Sign Credit Agreement

Dole Food Co. Inc. said its wholly owned real estate development subsidiaries, Castle & Cooke Properties Inc. and Castle & Cooke Development Corp., have signed a three-year, $90-million credit agreement. The Westlake Village food and real estate concern said the unsecured credit facility was arranged by the Bank of Hawaii and the lenders include five North American financial institutions.

Dole said the loan would be used to develop its residential, commercial and industrial properties in Hawaii, California and Arizona, and for general working capital.