Dean Foods Company · Corporate

Dean Foods Company: bankruptcy, 2019

Dean Foods Company: bankruptcy credit event on 2019-11-12, worked through from its SEC filings. The 6.500% Senior Notes due 2023 (CUSIP 242370AD6) are a Deliverable Obligation: all 7 checks pass. Each result cites the clause behind it, or says when it rests on the absence of a clause.

1 instrument · 8 questions · 2 documents

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Verified answerDean Foods Company · Bankruptcy · 2019

Is the instrument a Deliverable Obligation for this credit event, on 7 checks: the issuer is the Reference Entity; the Maximum Maturity (30 years), Specified Currency, Not Subordinated, Not Bearer and Transferable characteristics; and Not Contingent?

Yes, deliverable

6.500% Senior Notes due 2023 pass all 7 checks, each tied to its clause.

7 of 7 checks pass

See the 7 checks

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Verified outcome

EligibleIs the instrument a Deliverable Obligation for this credit event, on 7 checks: the issuer is the Reference Entity; the Maximum Maturity (30 years), Specified Currency, Not Subordinated, Not Bearer and Transferable characteristics; and Not Contingent?

Basis. All 7 checks pass on the record: the issuer is the Reference Entity, the instrument meets the Maximum Maturity, Specified Currency, Not Subordinated, Not Bearer and Transferable characteristics, and it is Not Contingent.

Source clauses

Indenture of 2015-02-25

Sections 3.01 (Terms) and 3.02 (Denominations)
Exhibit A, form of face of Note
Exhibit A, form of face of Note (payment)
Exhibit A, reverse of Note, paragraph 1 (Indenture)
Exhibit A, reverse of Note, paragraphs 5–6 (Subsidiary Guarantees; Denominations, Transfer, Exchange)

For 6.500% Senior Notes due 2023

Reference entity: Dean Foods Company
Credit event: Bankruptcy · 2019-11-12
Entity type: Corporate
Documents: 2 in the record

Instruments

Each obligation has its own page with terms and questions.

6.500% Senior Notes due 2023Eligible
Dean Foods Company · CUSIP 242370AD6
8 questions

Questions and verified answers

Open a question for the verified answer, its basis and how it was checked. Clause links open the documents below.

#1 Is the instrument a Deliverable Obligation for this credit event, on 7 checks: the issuer is the Reference Entity; the Maximum Maturity (30 years), Specified Currency, Not Subordinated, Not Bearer and Transferable characteristics; and Not Contingent?
Eligible
Indenture of 2015-02-25
#2 Does the instrument meet the Maximum Maturity characteristic (30 years)?
Yes
Indenture of 2015-02-25
- Exhibit A, form of face of Note
#3 Does the instrument meet the Specified Currency characteristic (USD, EUR, JPY, GBP, CHF, CAD)?
Yes
Indenture of 2015-02-25
- Exhibit A, form of face of Note (payment)
#4 Does the instrument meet the Not Subordinated characteristic?
Yes
Indenture of 2015-02-25
- Sections 3.01 (Terms) and 3.02 (Denominations)
- Exhibit A, reverse of Note, paragraph 1 (Indenture)
#5 Does the instrument meet the Not Bearer characteristic?
Yes
Indenture of 2015-02-25
- Exhibit A, reverse of Note, paragraphs 5–6 (Subsidiary Guarantees; Denominations, Transfer, Exchange)
#6 Is the instrument Not Contingent (principal not reducible for a reason other than payment)?
Yes
None: no clause making principal contingent was found.
#7 Does the instrument meet the Transferable characteristic?
Yes
None: no clause restricting transfer was found.
#8 Is the issuer of the instrument the Reference Entity?
Yes
No clause cited

#	Question	Verified answer	Source clauses
1	Is the instrument a Deliverable Obligation for this credit event, on 7 checks: the issuer is the Reference Entity; the Maximum Maturity (30 years), Specified Currency, Not Subordinated, Not Bearer and Transferable characteristics; and Not Contingent? Deliverability	Eligible	Indenture of 2015-02-25 Sections 3.01 (Terms) and 3.02 (Denominations) Exhibit A, form of face of Note Exhibit A, form of face of Note (payment) Exhibit A, reverse of Note, paragraph 1 (Indenture) Exhibit A, reverse of Note, paragraphs 5–6 (Subsidiary Guarantees; Denominations, Transfer, Exchange)
2	Does the instrument meet the Maximum Maturity characteristic (30 years)? Deliverable Obligation Characteristic	Yes	Indenture of 2015-02-25 Exhibit A, form of face of Note
3	Does the instrument meet the Specified Currency characteristic (USD, EUR, JPY, GBP, CHF, CAD)? Deliverable Obligation Characteristic	Yes	Indenture of 2015-02-25 Exhibit A, form of face of Note (payment)
4	Does the instrument meet the Not Subordinated characteristic? Deliverable Obligation Characteristic	Yes	Indenture of 2015-02-25 Sections 3.01 (Terms) and 3.02 (Denominations) Exhibit A, reverse of Note, paragraph 1 (Indenture)
5	Does the instrument meet the Not Bearer characteristic? Deliverable Obligation Characteristic	Yes	Indenture of 2015-02-25 Exhibit A, reverse of Note, paragraphs 5–6 (Subsidiary Guarantees; Denominations, Transfer, Exchange)
6	Is the instrument Not Contingent (principal not reducible for a reason other than payment)? Additional check	Yes	None: no clause making principal contingent was found.
7	Does the instrument meet the Transferable characteristic? Deliverable Obligation Characteristic	Yes	None: no clause restricting transfer was found.
8	Is the issuer of the instrument the Reference Entity? Reference Entity	Yes	No clause cited

Documents

The case record. 5 sections support the verified answers.

DOC-1 Dean Foods 8-K filed 2019-11-12, Item 1.03 Bankruptcy (and Item 2.04), petition 2019-11-12excerpts
DOC-2 Indenture dated February 25, 2015, 6.500% Senior Notes due 2023 (EX-4.1)excerpts

Timeline

2015-02-25Indenture for the 6.500% Senior Notes due 2023 (filed as Exhibit 4.1).
2019-11-12Dean Foods Company and substantially all of its wholly-owned subsidiaries file voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the Southern District of Texas.
2019-11-12The filings are an event of default that accelerates the obligations under the indenture for the 2023 Notes, subject to the automatic stay.

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