Dole Food Company Inc., which has an estimated $500 million initial public equity offering in the works, on Friday announced a $310 million senior note offering to reorganize its debt.

The Westlake Village fresh food producer and packager said the sale would be a private offering of senior secured notes due 2016, with net proceeds used to redeem 7.25 percent senior notes due June 15, 2010.

The company, which is controlled by billionaire David Murdock, brings in $7 billion in annual revenue and has nearly $2 billion in debt and a high-risk credit rating. The company was valued at $2.5 billion when Murdock took it private in 2003. No date has yet been set for the new IPO, which was announced last month.

Dole did not announce an interest rate on the new debt, but the company earlier this year refinanced $350 million in notes at 13.875 percent, significantly higher than the 8.625 percent rate on the debt it replaced.