Tuesday, 5 May 2009

Dean Foods Company Prices Common Stock Offering

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Tuesday, 5 May 2009

DALLAS, May 5 /PRNewswire-FirstCall/ — Dean Foods Company (NYSE: DF)
today announced the pricing of its previously announced offering of 22,500,000
shares of its common stock at a price to the public of $18.25 per share. The
Company has granted the underwriters a 30-day option to purchase up to an
additional 3,375,000 shares of its common stock to cover overallotments, if
any. The offering is being conducted as a public offering pursuant to an
effective registration statement under the Securities Act of 1933. The
offering is expected to close on May 11, 2009, subject to customary closing

The Company expects to receive net proceeds from the offering of
approximately $394 million (or approximately $453 million if the underwriters
exercise their overallotment option in full), after deducting estimated
underwriting discounts and commissions and offering expenses. The Company
intends to use the net proceeds of the offering to repay the $122.8 million
aggregate principal amount of its subsidiary’s 6.625% senior notes due May 15,
2009, and use the remaining net proceeds to repay indebtedness under its
receivables-backed facility.

Merrill Lynch & Co., J.P.Morgan, Barclays Capital and Wachovia Securities
are joint book-running managers for the offering. Rabo Securities USA, Inc.
is the senior co-manager, and BNP PARIBAS, Calyon Securities (USA) Inc.,
Credit Suisse and SunTrust Robinson Humphrey are the co-managers for the

The offering is being made solely by means of a prospectus supplement and
the accompanying prospectus. This press release shall not constitute an offer
to sell, or a solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such state or jurisdiction. A copy of the
prospectus supplement and accompanying prospectus relating to the common stock
can be obtained from Merrill Lynch & Co., 4 World Financial Center, New York,
NY 10080, Attention: Prospectus Department, from J.P.Morgan Securities Inc., 4
Chase Metrotech Center, CS Level, Brooklyn, NY 11245, Attention: Chase
Distribution & Support Service Northeast Statement Processing, from Barclays
Capital Inc., c/o Broadridge, Integrated Distribution Services, 1155 Long
Island Avenue, Edgewood, NY 11717, toll-free at 1-888-603-5847 or email a
request to barclaysprospectus@broadridge.com, or from Wachovia Capital
Markets, LLC, Attention: Equity Syndicate Department, 375 Park Avenue, New
York, NY 10152, toll-free at 1-800-326-5897 or email a request to


Dean Foods is one of the leading food and beverage companies in the United
States. The Company’s Fresh Dairy Direct segment is the largest processor and
distributor of milk and other dairy products in the country, with products
sold under more than 50 familiar local and regional brands and a wide array of
private labels. The Company’s WhiteWave-Morningstar segment markets and sells
a variety of nationally branded dairy and dairy-related products, such as
Silk(R) soymilk and cultured soy products, Horizon Organic(R) milk and other
dairy products, International Delight(R) coffee creamers, LAND O’LAKES(R)
creamers and other fluid dairy products, and Rachel’s Organic(R) dairy
products. Additionally, our WhiteWave-Morningstar segment markets and sells
private label cultured and extended shelf life dairy products.


CONTACT: Corporate Communications, Marguerite Copel, +1-214-721-1273;
Investor Relations, Barry Sievert, +1-214-303-3438


SOURCE: Dean Foods Company

Corporate Communications
Marguerite Copel
Investor Relations
Barry Sievert
both of Dean Foods

Web Site:

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