Dean Foods Plans $400 Million Note Sale To Fund Refinancing

Date : 12/09/2010 @ 10:18AM
Source : Dow Jones News
Stock : Dean Foods Company (DF)
Quote : 10.755  -0.025 (-0.23%) @ 1:50PM

Dean Foods Plans $400 Million Note Sale To Fund Refinancing

Dean (NYSE:DF)
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Dean Foods Co. (DF) plans to sell some $400 million of notes to repay other borrowings.

Shares were up 4% at $7.75 in recent trading. The stock is down 57% this year as the biggest U.S. dairy processor and distributor by revenue has seen its bottom line hurt as consumers have continued to turn to less-expensive milk rather than its branded offerings.

Dean Foods joins a big roster of corporations that have been looking to take advantage of historically low interest rates to refinance portions of their balance sheet. The company's weak performance and industry woes have hurt Dean's credit ratings.

Separately, Dean Foods said Thursday that it promoted Controller Scott Vopni to chief accounting officer. He succeeds Shaun Mara, who was promoted to chief financial officer at the start of this month.

 
   -By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com; 
 
 
 

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