Fruit distributor Total Produce has completed a $1.44bn refinancing ahead of its merger with US company Dole.

The company has agreed a new five year $500m revolving credit facility with New York based Coöperatieve Rabobank.

The deal will also see Total Produce gain access to a $940m seven-year US dollar senior secured term loan facility with Bank of America.

Access is contingent on the closing of the Dole merger, which will see the creation of a new US listed firm, Dole plc.

The firm will use the money to refinance most of the existing Total Produce and Dole debt facilities.

"The facilities are expected to provide long-term sustainable capitalisation following the completion of the transaction, lowering the combined company's average cost of capital and creating a stronger balance sheet," the company said in a statement.

After the deal is complete, Dole will be the biggest fresh produce company in the world with estimated combined 2020 revenue of about $9.7bn.

In 2018, Total Produce bought a 45% stake in Dole for €300m.