Issuer: | Dean Foods Company | |||
Face Amount: | $500 million | |||
Structure: | Senior Unsecured Notes | |||
Final Maturity Date: | 06/01/16 | |||
Public Offering Price: | 99.604% | |||
Coupon: | 7.000% | |||
Yield: | 7.055% | |||
Spread: | 190 bps | |||
Call Protection: | NC-L Except for a Make-Whole at T+50 basis points | |||
Interest Payment Dates: | June 1 & December 1 | |||
First Interest Payment Date: | 12/01/2006 | |||
Ratings: | Ba2 / BB- | |||
Trade Date: | 05/11/06 | |||
Settlement Date: | 05/17/06 | |||
CUSIP: | 242370 AA 2 | |||
ISIN: | US242370AA24 | |||
Distribution: | SEC Registered (Registration Statement No. 333-130309) | |||
Sole Bookrunner: | CITI | |||
Joint Lead Managers: | JPMorgan and Wachovia | |||
Underwriting Commitments:
|
Citigroup Global Markets Inc. | $175,000,000 | ||
J.P. Morgan Securities Inc. | 75,000,000 | |||
Wachovia Capital Markets, LLC | 75,000,000 | |||
BNP Paribas Securities Corp. | 17,500,000 | |||
Banc of America Securities LLC. | 15,000,000 | |||
Barclays Capital Inc. | 15,000,000 | |||
Calyon Securities (USA) Inc. | 15,000,000 | |||
Greenwich Capital Markets Inc. | 15,000,000 | |||
Harris Nesbitt Corp. | 15,000,000 | |||
Lazard Capital Markets LLC | 15,000,000 | |||
Rabo Securities USA, Inc. | 15,000,000 | |||
SunTrust Capital Markets, Inc. | 15,000,000 | |||
Wells Fargo Securities, LLC | 15,000,000 | |||
BNY Capital Markets, Inc. | 7,500,000 | |||
PNC Capital Markets LLC | 7,500,000 | |||
RBC Capital Markets Corporation | 7,500,000 | |||
Total | $500,000,000 |
At March 31, 2006 | ||||||||
As | ||||||||
Actual | Adjusted(1) | |||||||
(in thousands of U.S. dollars, | ||||||||
except share amounts) | ||||||||
(Unaudited) | ||||||||
Cash and cash equivalents |
$ | 28,341 | $ | 21,741 | ||||
Long-term debt, including current maturities: |
||||||||
Dean Foods: |
||||||||
Senior secured credit facility |
$ | 2,323,800 | $ | 1,823,800 | ||||
Notes offered hereby |
| 500,000 | ||||||
2,323,800 | 2,323,800 | |||||||
Subsidiary Debt: |
||||||||
8.15% Senior
notesdue 2007 |
250,170 | 250,170 | ||||||
6.625%
Senior notesdue 2009 |
190,788 | 190,788 | ||||||
6.9% Senior
notesdue 2017 |
128,367 | 128,367 | ||||||
Receivables-backed credit facility |
513,100 | 513,100 | ||||||
Other lines of credit |
48,247 | 48,247 | ||||||
Capital lease obligations and other |
20,257 | 20,257 | ||||||
1,150,929 | 1,150,929 | |||||||
Total |
3,474,729 | 3,474,729 | ||||||
Less current portion |
(169,814 | ) | (169,814 | ) | ||||
Total long-term debt |
3,304,915 | 3,304,915 | ||||||
Stockholders equity |
||||||||
Common stock 136,214,958 shares issued and outstanding |
1,362 | 1,362 | ||||||
Additional paid-in capital |
944,923 | 944,923 | ||||||
Retained earnings |
1,056,805 | 1,056,805 | ||||||
Accumulated other comprehensive income |
(13,499 | ) | (13,499 | ) | ||||
Total stockholders equity |
1,989,591 | 1,989,591 | ||||||
Total capitalization |
$ | 5,464,320 | $ | 5,464,320 | ||||
(1) | For purposes of this capitalization table, we have assumed proceeds of $500.0 million. The estimated underwriting discounts, commissions and expenses of $6.6 million are reflected as a reduction of cash and cash equivalents. |