Dean Foods Announces Pricing of $500 Million Senior Notes Public Offering
Posted on: Friday, 12 May 2006, 09:07 CDT
DALLAS, May 12 /PRNewswire-FirstCall/ -- Dean Foods Company announced today that it has priced a public offering of $500 million aggregate principal amount of its Senior Notes due 2016. The notes will bear interest at the rate of 7% per year, payable semiannually. The notes are senior obligations and rank equally with all of the Company's other senior unsecured indebtedness. The notes are fully and unconditionally guaranteed by the subsidiaries that are guarantors under Dean Foods' senior secured credit facility, which are substantially all of the Company's wholly owned U.S. subsidiaries.
Dean Foods Company expects to use all of the net proceeds from the sale of the notes to reduce a corresponding amount of borrowings under its senior secured revolving credit facility.
Citigroup Global Markets Inc. acted as the sole book-running manager for the offering.
A shelf registration statement relating to the notes in this offering has been filed with the Securities and Exchange Commission and has become effective.
This press release is neither an offer to sell nor a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering is being made only by means of a prospectus supplement and the accompanying prospectus, a copy of which may be obtained by contacting Kim Bruzzese at Citigroup Global Markets Inc. via telephone at (212) 723-6046. Alternatively, the prospectus and prospectus supplement may be obtained by visiting EDGAR on the SEC Web site at http://www.sec.gov/ .
ABOUT DEAN FOODS
Dean Foods Company is one of the leading food and beverage companies in the United States. Its Dairy Group division is the largest processor and distributor of milk and other dairy products in the country, with products sold under more than 50 familiar local and regional brands and a wide array of private labels. The Company's WhiteWave Foods subsidiary is the nation's leading organic foods company. WhiteWave Foods markets and sells a variety of well-known dairy and dairy-related products, such as Silk(R) soymilk, Horizon Organic(R) dairy products and juices, International Delight(R) coffee creamers and LAND O'LAKES(R) creamers and cultured products. Dean Foods Company also owns the fourth largest dairy processor in Spain and the leading brand of organic dairy products in the United Kingdom.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements that involve risks and uncertainties, such as the statement regarding our expected use of net proceeds. We develop forward-looking statements by combining currently available information with our beliefs and assumptions. These statements relate to future events, including our future performance, and often contain words like "may,""should,""could,""expects,""seeks to,""anticipates,""plans,""believes,""estimates,""intends,""predicts,""projects,""potential" or "continue" or the negative of such terms and other comparable terminology. Forward-looking statements are inherently uncertain, and actual performance or results may differ materially and adversely from that expressed in, or implied by, any such statements. Consequently, you should recognize these statements for what they are and we caution you not to rely upon them as facts. More detailed information about factors that we believe could cause our actual results or performance to differ materially from anticipated levels is contained in our filings with the SEC, including those discussed under the caption "Risk Factors" in our Annual Report on Form 10-K filed on March 10, 2006 and our Quarterly Report on Form 10-Q filed on May 10, 2006.
Contact: Barry Sievert Senior Director, Investor Relations (214) 303-3437
Dean Foods Company
CONTACT: Barry Sievert, Senior Director, Investor Relations of DeanFoods Company, +1-214-303-3437
Web site: http://www.sec.gov/
Web site: http://www.deanfoods.com/
Source: PRNewswire-FirstCall
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