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Issuer Free Writing Prospectus filed pursuant to Rule 433
supplementing the Preliminary Prospectus
Supplement dated May 10, 2006
Registration No. 333-130309
May 11, 2006
Dean Foods Company
$500,000,000 7.000% Notes due 2016
Summary of Final Terms and Details of the Issue
         
Issuer:   Dean Foods Company
 
       
Face Amount:   $500 million
 
       
Structure:   Senior Unsecured Notes
 
       
Final Maturity Date:   06/01/16
 
       
Public Offering Price:   99.604%
 
       
Coupon:   7.000%
 
       
Yield:   7.055%
 
       
Spread:   190 bps
 
       
Call Protection:   NC-L Except for a Make-Whole at T+50 basis points
 
       
Interest Payment Dates:   June 1 & December 1
 
       
First Interest Payment Date:   12/01/2006
 
       
Ratings:   Ba2 / BB-
 
       
Trade Date:   05/11/06
 
       
Settlement Date:   05/17/06
 
       
CUSIP:   242370 AA 2
 
       
ISIN:   US242370AA24
 
       
Distribution:   SEC Registered (Registration Statement No. 333-130309)
 
       
Sole Bookrunner:   CITI
 
       
Joint Lead Managers:   JPMorgan and Wachovia
 
       
Underwriting Commitments:
  Citigroup Global Markets Inc. —   $175,000,000
 
  J.P. Morgan Securities Inc. —   75,000,000
 
  Wachovia Capital Markets, LLC —   75,000,000
 
  BNP Paribas Securities Corp. —   17,500,000
 
  Banc of America Securities LLC. —   15,000,000
 
  Barclays Capital Inc. —   15,000,000
 
  Calyon Securities (USA) Inc. —   15,000,000
 
  Greenwich Capital Markets Inc. —   15,000,000
 
  Harris Nesbitt Corp. —   15,000,000
 
  Lazard Capital Markets LLC —   15,000,000
 
  Rabo Securities USA, Inc. —   15,000,000
 
  SunTrust Capital Markets, Inc. —   15,000,000
 
  Wells Fargo Securities, LLC —   15,000,000
 
  BNY Capital Markets, Inc. —   7,500,000
 
  PNC Capital Markets LLC —   7,500,000
 
  RBC Capital Markets Corporation —   7,500,000
 
       Total —   $500,000,000

 


 

The issuer and its subsidiary guarantors have filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents that the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer will arrange to send you the prospectus, at no cost, if you request it by calling 1-214-303-3400.
The security ratings indicated above are not a recommendation to buy, sell, or hold the securities offered hereby. The ratings may be subject to revision or withdrawal at any time by Moody’s and Standard & Poor’s. Each of the security ratings included in this term sheet should be evaluated independently of any other security rating.
CAPITALIZATION
     The following table sets forth, as of March 31, 2006, our consolidated cash and cash equivalents and total capitalization on an actual basis and as adjusted to give effect to the sale of $500 million aggregate principal amount of the notes and the application of the net proceeds to reduce borrowings under our senior secured revolving credit facility. You should read this table in conjunction with our consolidated financial statements and the related notes which are incorporated by reference in the prospectus supplement and the accompanying prospectus related to this offering.
                 
    At March 31, 2006  
            As  
    Actual     Adjusted(1)  
    (in thousands of U.S. dollars,  
    except share amounts)  
    (Unaudited)  
Cash and cash equivalents
  $ 28,341     $ 21,741  
 
           
Long-term debt, including current maturities:
               
Dean Foods:
               
Senior secured credit facility
  $ 2,323,800     $ 1,823,800  
Notes offered hereby
          500,000  
 
           
 
    2,323,800       2,323,800  
Subsidiary Debt:
               
8.15% Senior notes—due 2007
    250,170       250,170  
6.625% Senior notes—due 2009
    190,788       190,788  
6.9% Senior notes—due 2017
    128,367       128,367  
Receivables-backed credit facility
    513,100       513,100  
Other lines of credit
    48,247       48,247  
Capital lease obligations and other
    20,257       20,257  
 
           
 
    1,150,929       1,150,929  
 
           
Total
    3,474,729       3,474,729  
Less current portion
    (169,814 )     (169,814 )
 
           
Total long-term debt
    3,304,915       3,304,915  
Stockholders’ equity
               
Common stock 136,214,958 shares issued and outstanding
    1,362       1,362  
Additional paid-in capital
    944,923       944,923  
Retained earnings
    1,056,805       1,056,805  
Accumulated other comprehensive income
    (13,499 )     (13,499 )
 
           
Total stockholders’ equity
    1,989,591       1,989,591  
 
           
Total capitalization
  $ 5,464,320     $ 5,464,320  
 
           
 
(1)   For purposes of this capitalization table, we have assumed proceeds of $500.0 million. The estimated underwriting discounts, commissions and expenses of $6.6 million are reflected as a reduction of cash and cash equivalents.