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US shares offered

This article was originally published in Foodnews

US FOOD and beverage group Dean Foods Company has commenced a public offering of 22.5 million shares of common stock, priced at US$18.25 per share, to raise gross proceedings of US$410.63 million. As part of the offering, Dean Foods plans to grant an option for underwriters to purchase up to 3.37 million additional shares within 30 days of the announcement on 1 May to cover over-allotments, if any. The company intends to use the proceeds to repay the US$122.8 million aggregate principle amount of its subsidiary's 6.625% senior notes due on 15 May, and the remainder to repay indebtedness under its receivables-backed facility.

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