Dean Foods to redeem $100 million convertibles

New York, March 17 - Dean Foods Co. said it will redeem $100 million of its 5½% trust issued preferred equity securities (Tipes) on April 17 at a price of $51.0315 per security.

Since the call is a partial one, the securities to be redeemed will be selected by lot.

Following the redemption $500 million of the securities will remain outstanding.

Funding for the call will come from cash flow from operations and credit facility borrowings, the Dallas food and beverage company said.

Holders can convert the Tipes into stock at the rate of 1.278 shares per convertible. Dean stock closed at $43.47 on Monday.

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