Dairy Farmers of America reached an agreement with Dean Foods for the farmer-owned cooperative to become the stalking horse bidder to acquire a substantial portion of Dean’s assets and business.
Dean Foods and substantially all of its subsidiaries have initiated voluntary Chapter 11 reorganization proceedings in the Southern District of Texas.
Dean Foods has successfully increased the company’s borrowing base availability to $265 million under its senior secured revolving credit facility. Rabobank served as administrative agent for the transaction.
Dean Foods amended its credit agreement with Bank of America as agent, extending the maturity date of the facility to January 4, 2022. Dean also amended the terms of its receivables securitization facility with Rabobank, New York branch, as agent.