S&P assigns Dairy Farmers loan BBB

S&P said it assigned a BBB to the Dairy Farmers of America Inc.’s $500 million senior unsecured term loan.

The agency removed all the company’s ratings from CreditWatch with negative implications and affirmed all its ratings, including the BBB rating on its senior unsecured notes and BB+ on its preferred equity.

Dairy Farmers closed the acquisition of substantially all the assets of Dean Foods Co. for $433 million in an all debt-funded transaction, resulting in modestly higher pro forma leverage of 4.7x, S&P said .

The outlook is negative.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.