By Cristal Cody
Tupelo, Miss., March 25 – Archer-Daniels-Midland Co. priced $1.5 billion of senior notes (A2/A/A) in two parts on Wednesday, according to a market source and an FWP filing with the Securities and Exchange Commission.
A $500 million tranche of 2.75% five-year notes priced at 98.811 to yield 3.008% and a Treasuries plus 250 basis points spread.
The company sold $1 billion of 3.25% 10-year notes at 99.223 to yield 3.342%, or a spread of 250 bps over Treasuries.
Both tranches were talked to price in the Treasuries plus 312.5 bps area.
Citigroup Global Markets Inc., J.P. Morgan Securities LLC, BofA Securities Inc., BNP Paribas Securities Corp. and MUFG were the bookrunners.
Proceeds will be used for general corporate purposes, including to repay commercial paper debt.
The Chicago-based company processes agricultural commodities and manufactures food and feed ingredients.
| Issuer: | Archer-Daniels-Midland Co.
|
| Amount: | $1.5 billion
|
| Description: | Senior notes
|
| Bookrunners: | Citigroup Global Markets Inc., J.P. Morgan Securities LLC, BofA Securities Inc., BNP Paribas Securities Corp. and MUFG
|
| Co-managers: | Barclays and Deutsche Bank Securities Inc.
|
| Trade date: | March 25
|
| Settlement date: | March 27
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
| Fitch: A
|
| Distribution: | SEC registered
|
|
|
| Five-year notes
|
| Amount: | $500 million
|
| Maturity: | March 27, 2025
|
| Coupon: | 2.75%
|
| Price: | 98.811
|
| Yield: | 3.008%
|
| Spread: | Treasuries plus 250 bps
|
| Call features: | Make-whole call at greater of par or Treasuries plus 40 bps before Feb. 27, 2025; thereafter at par
|
| Change-of-control put: | 101%
|
| Price guidance: | Treasuries plus 312.5 bps area
|
|
|
| 10-year notes
|
| Amount: | $1 billion
|
| Maturity: | March 27, 2030
|
| Coupon: | 3.25%
|
| Price: | 99.223
|
| Yield: | 3.342%
|
| Spread: | Treasuries plus 250 bps
|
| Call features: | Make-whole call at greater of par or Treasuries plus 40 bps before Dec. 27, 2029; thereafter at par
|
| Change-of-control put: | 101%
|
| Price guidance: | Treasuries plus 312.5 bps area
|
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