Dairy Farmers plans $100 million offering of series C cumulative preferred stock; price talk 7.5%

By Stephanie N. Rotondo

Seattle, Sept. 15 – Dairy Farmers of America Inc. intends to sell $100 million of series C cumulative perpetual preferred stock (expected ratings: Baa3/BB+), a market source reported on Thursday.

Price talk is 7.5%.

The Rule 144A offering is being led by BofA Merrill Lynch and J.P. Morgan Securities LLC. Rabobank is also participating.

The preferreds are non-callable for 10 years.

Dairy Farmers is a national milk marketing cooperative.

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