Archer-Daniels-Midland tenders for up to $600 million from 12 series

By Wendy Van Sickle

Columbus, Ohio, Sept. 8 – Archer-Daniels-Midland Co. began tender offers for up to $600 million of 12 series of its notes, according to a company news release.

The notes include the following, listed in order of acceptance priority:

• $158,519,000 of 6.95% debentures due 2097 (Cusip: 039483AP7) with pricing to be based on the 1.375% U.S. Treasury note due May 15, 2050 plus 175 basis points;

• $126,719,000 of 6.45% debentures due 2038 (Cusip: 039483AXO) with pricing to be based on the 1.375% U.S. Treasury note due May 15, 2050 plus 90 bps;

• $378,368,000 of 5.765% debentures due 2041 (Cusip: 039483BC5) with pricing to be based on the 1.375% U.S. Treasury note due May 15, 2050 plus 85 bps;

• $527,688,000 of 4.535% debentures due 2042 (Cusip: 039483BE1) with pricing to be based on the 1.375% U.S. Treasury note due May 15, 2050 plus 85 bps;

• $570,425,000 of 4.016% debentures due 2043 (Cusip: 039483BH4) with pricing to be based on the 1.375% U.S. Treasury note due May 15, 2050 plus 80 bps;

• $118,449,000 of 6¾% debentures due 2027 (Cusip: 039483AN2) with pricing to be based on the 0.625% U.S. Treasury note due Aug. 15, 2030 plus 65 bps;

• $150,262,000 of 7½% debentures due 2027 (Cusip: 039483AM4) with pricing to be based on the 0.625% U.S. Treasury note due Aug. 15, 2030 plus 65 bps;

• $159,823,000 of 6.625% debentures due 2029 (Cusip: 039483AR3) with pricing to be based on the 0.625% U.S. Treasury note due Aug. 15, 2030 plus 70 bps;

• $469,992,000 of 5 3/8% debentures due 2035 (Cusip: 039483AU6) with pricing to be based on the 0.625% U.S. Treasury note due Aug. 15, 2030 plus 90 bps;

• $500 million of 3¾% notes due 2047 (Cusip: 039483BM3) with pricing to be based on the 1.375% U.S. Treasury note due May 15, 2050 plus 80 bps;

• $164,412,000 of 7% debentures due 2031 (Cusip: 039483AS1) with pricing to be based on the 0.625% U.S. Treasury note due Aug. 15, 2030 plus 70 bps; and

• $382,655,000 of 5.935% debentures due 2032 (Cusip: 039483AT9) with pricing to be based on the 0.625% U.S. Treasury note due Aug. 15, 2030 plus 65 bps.

In each case, the pricing includes a $30 early tender premium per $1,000 principal amount for securities tendered by the early deadline of 5 p.m. ET on Sept. 21.

The offers will expire at 11:59 p.m. ET on Oct. 5.

Pricing will be set at 10 a.m. ET on Sept. 22.

BofA Securities (888 292-0070 or 980 387-3907) and J.P. Morgan Securities LLC (866 834-4666 or 212 834-3424) are the lead dealer managers.

D.F. King & Co., Inc. (800 859-8509, 212 269-5550 or adm@dfking.com) is the tender and information agent.

Archer-Daniels-Midland procures, processes and merchandises agricultural commodities and products and is based in Decatur, Ill.

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