Dean Foods, the largest dairy processor in the U.S., has announced plans to launch an initial public offering (IPO) for White Wave Foods, a company subsidiary that markets Silk, Horizon Organic, and International Delight brands. Dean is aiming to raise $300 million in the offering and use the funds to pay down its debt, according to the filing. Dean will sell 20 percent of White Wave Foods in the IPO and distribute the remaining 80 percent interest in WhiteWave Foods to Dean shareholders in a tax-free distribution at least 180 days after the closing of the IPO.
Here is Dean’s Foods’ press release announcing the White Wave IPO:
DALLAS, Aug. 7, 2012 /PRNewswire/ — Dean Foods Company (NYSE: DF) today announced that its wholly-owned subsidiary, The WhiteWave Foods Company, filed a registration statement with the U.S. Securities and Exchange Commission for an initial public offering (“IPO”) of its Class A common stock. Following the IPO, The WhiteWave Foods Company will own Dean Foods’ WhiteWave-Alpro business, which manufactures, markets, distributes and sells branded plant-based foods and beverages, coffee creamers and beverages and premium dairy products throughout North America and Europe.
Following the IPO, Dean Foods will own at least 80% of The WhiteWave Foods Company’s common stock. Dean Foods intends to distribute its remaining interest in The WhiteWave Foods Company to Dean Foods’ shareholders in a tax-free distribution no earlier than 180 days following the closing of the IPO.
A registration statement relating to securities of The WhiteWave Foods Company has been filed with the U.S. Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy these securities be accepted before the time the registration statement becomes effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, 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.
J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC and BofA Merrill Lynch will act as joint book-running managers for the offering. The initial public offering will be made only by means of a written prospectus meeting the requirements of Section 10 of the Securities Act of 1933. When available, a copy of the preliminary prospectus may be obtained from: J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717 or by telephone at +1 (866) 803-9204; Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, One Madison Avenue, New York, NY 10010, via telephone: +1 (800) 221-1037, or by e-mail: newyork.prospectus@credit-suisse.com; or BofA Merrill Lynch, 222 Broadway, 7th Floor, New York, NY 10038, Attn: Prospectus Department or email dg.prospectus_requests@baml.com.