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News Feb 25, 2015

Shearman & Sterling Advises on Dean Foods Company’s $700 Million 6.500% Senior Notes Offering

Shearman & Sterling represented Morgan Stanley & Co. LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC, SunTrust Robinson Humphrey, Inc., and Credit Agricole Securities (USA) Inc., as joint book-running managers, and Rabo Securities USA, Inc. and PNC Capital Markets LLC, as co-managers, in connection with the Rule 144A/Regulation S offering by Dean Foods Company of $700,000,000 aggregate principal amount of 6.500% Senior Notes due 2023. The proceeds from the offering will be used to finance the redemption of all of the company’s outstanding senior unsecured notes due 2016, and the remaining proceeds will be used to repay a portion of the outstanding borrowings under the company’s senior secured credit facility and receivables-backed facility.

Dean Foods Company 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.

The Shearman & Sterling team included counsel Jeff Salinger (New York-Environmental); and associates Lesley Janzen (New York-Capital Markets), Christina Leto-Feist (New York-Capital Markets), Elise Corey (New York-Capital Markets), Judy Fisher (New York-Tax), David Ling (New York-Compensation, Governance & ERISA) and Daniel Yao (New York-Corporate).