Dean Foods Company has 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 expects to receive net proceeds from the offering of approximately US$394m, which it intends to use to repay the $122.8m aggregate principal amount of its subsidiary’s 6.625% senior notes due 15 May 2009, and use the remaining net proceeds to repay indebtedness under its receivables-backed facility.

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 conditions.

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