Dean Foods prices public offering of $500 million senior notes

by Eric Schroeder
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DALLAS — Dean Foods Co. on Friday said it has priced a public offering of $500 million aggregate principal amount of its senior notes due 2016. The notes, which will bear interest at the rate of 7% per year, payable semiannually, are senior obligations and rank equally with all of the company’s other senior unsecured indebtedness, Dean said.

Dean said it 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.

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