DALLAS, March 26, 2015 /PRNewswire/ -- Dean Foods
Company (NYSE: DF) ("Dean Foods" or the "Company") announced today
that it has entered into a new $450
million senior secured revolving credit facility. The
new credit agreement contains an accordion feature that allows the
Company, subject to certain conditions, to increase the amount of
the revolving facility by up to $200
million. The new credit agreement will terminate on
March 26, 2020. In addition, the
Company concurrently amended and restated its existing $550 million receivables securitization facility
to extend the maturity through March 26,
2018, and conform the covenants to the new credit
agreement.
"With the execution of the debt recapitalization, we now have an
optimized $1 billion in total
revolving facilities," said Chris
Bellairs, Chief Financial Officer of Dean Foods. "Over a
relatively short timeframe, we have increased accessible liquidity,
obtained greater covenant flexibility, lengthened the Company's
maturity profile, and reduced pricing."
"We are very pleased with negotiated terms and conditions of
these facilities," added Gregg
Tanner, Chief Executive Officer of Dean Foods. "We now have
a capital structure that is more appropriate for a company of our
size and industry position and that gives us the flexibility to
fund our operational and strategic objectives to generate long term
shareholder value."
"We appreciate the support provided by Bank of America and
Rabobank, our respective leads, and look forward to continuing our
relationship with all of the institutions involved," concluded
Tanner.
The new credit agreement and amendment to the receivables
securitization facility are more fully described in, and the
principal agreements are attached as exhibits to, a Current Report
on Form 8-K that is being filed with the Securities and Exchange
Commission today.
About Dean Foods
Dean Foods® is a leading food and beverage company and the
largest processor and direct-to-store distributor of fluid milk and
other dairy and dairy case products in the United States. Headquartered in
Dallas, Texas, the Dean Foods
portfolio includes TruMoo®, the leading national flavored milk
brand, along with well-known regional dairy brands such as Alta
Dena®, Berkeley Farms®, Country Fresh®, Dean's®, Garelick Farms®,
LAND O LAKES® milk and cultured products*, Lehigh Valley Dairy
Farms®, Mayfield®, McArthur®, Meadow Gold®, Oak Farms®,
PET®**, T.G. Lee®, Tuscan® and more. In all, Dean Foods has more
than 50 local and regional dairy brands and private labels. Dean
Foods also makes and distributes ice cream, cultured products,
juices, teas, and bottled water. Over 17,000 employees across the
country work every day to make Dean Foods the most admired and
trusted provider of wholesome, great-tasting dairy products at
every occasion. For more information about Dean Foods and its
brands, visit www.deanfoods.com.
Forward-Looking Statements
Some of the statements in this press release are
"forward-looking" and are made pursuant to the safe harbor
provision of the Private Securities Litigation Reform Act of 1995,
including statements relating to the offering of the notes and the
use of proceeds therefrom. These statements involve risks and
uncertainties that may cause results to differ materially from the
statements set forth in this press release, including risks and
uncertainties referenced from time to time in the Company's filings
with the Securities and Exchange Commission. All forward-looking
statements in this press release speak only as of the date of this
press release. The Company expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any
such statements to reflect any change in its expectations with
regard thereto or any changes in the events, conditions or
circumstances on which any such statement is based, except as
required by law.
*The LAND O LAKES brand is owned by Land O'Lakes, Inc. and is
used by license.
**PET is a trademark of The J.M. Smucker Company and is used by
license.
CONTACT: Corporate Communications, Jamaison Schuler, +1 214-721-7766; or Investor
Relations, Scott Vopni,
+1-214-303-3438
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/dean-foods-completes-refinancing-of-1-billion-in-revolving-credit-facilities-300056761.html
SOURCE Dean Foods Company