Dean Foods has successfully recapitalised its balance sheet with the completion of a new US$4.8bn senior credit facility and the return of $1.94bn to shareholders though a dividend of $15 per share.
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The new facilities include a $1.5bn five-year senior secured revolving credit facility, a $1.5bn five-year senior secured term loan A and a $1.8bn seven-year senior secured loan B. The company also replaced its receivables facility with a new three year, $600m receivables facility.
The special dividend, declared by Dean Foods’ board of directors last month, was paid yesterday (2 April) to shareholders of record as of 27 March. The total number of basic shares outstanding at the close of trading on this date was 129.6m, resulting in a total aggregate dividend of $1.94bn.
