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Dean Foods to pay down term loans with Morningstar sale proceeds
By Sara Rosenberg
New York, Dec. 3 - Dean Foods Co. plans to retire term loan debt using all of the proceeds from the $1.45 billion sale of Morningstar Foods to Saputo Inc., according to a news release.
The company expects to realize $887 million in proceeds from the sale, net of taxes and expenses.
Assuming a fourth quarter close, the company's net debt to EBITDA ratio is anticipated to be below 3 times at year end.
Closing is expected in late 2012 or early in the first quarter of 2013, subject to customary conditions and regulatory clearances, including expiration or termination of the waiting period under the Hart-Scott-Rodino Act.
Dean Foods is a Dallas-based food and beverage company.
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