ADM ups cap on tender offers for 12 note series to $664.84 million

By Marisa Wong

Los Angeles, Sept. 22 – Archer-Daniels-Midland Co. announced the initial results of its cash tender offers for 12 series of debentures and notes that began on Sept. 8.

In response to the amount of securities tendered as of 5 p.m. ET on Sept. 21, the early tender time, ADM has decided to increase the maximum principal amount of the securities that may be purchased under the tender offers to up to $664,843,000 from $600 million.

As of the early tender time, holders had tendered the following amounts, with the series listed in order of acceptance priority level:

• $1,581,000, or 1%, of the $158,519,000 outstanding 6.95% debentures due 2097 (Cusip: 039483AP7), with pricing based on the 1.375% U.S. Treasury due May 15, 2050 and a fixed spread of 175 basis points;

• $23,577,000, or 18.61%, of the $126,719,000 outstanding 6.45% debentures due 2038 (Cusip: 039483AXO), with pricing based on the 1.375% U.S. Treasury due May 15, 2050 and a fixed spread of 90 bps;

• $81,033,000, or 21.42%, of the $378,368,000 outstanding 5.765% debentures due 2041 (Cusip: 039483BC5), with pricing based on the 1.375% U.S. Treasury due May 15, 2050 and a fixed spread of 85 bps;

• $144,961,000, or 27.47%, of the $527,688,000 outstanding 4.535% debentures due 2042 (Cusip: 039483BE1), with pricing based on the 1.375% U.S. Treasury due May 15, 2050 and a fixed spread of 85 bps;

• $199,235,000, or 34.93%, of the $570,425,000 outstanding 4.016% debentures due 2043 (Cusip: 039483BH4), with pricing based on the 1.375% U.S. Treasury due May 15, 2050 and a fixed spread of 80 bps;

• $15,007,000, or 12.67%, of the $118,449,000 outstanding 6.75% debentures due 2027 (Cusip: 039483AN2), with pricing based on the 0.625% U.S. Treasury due Aug. 15, 2030 and a fixed spread of 65 bps;

• $3,174,000, or 2.11%, of the $150,262,000 outstanding 7.5% debentures due 2027 (Cusip: 039483AM4), with pricing based on the 0.625% U.S. Treasury due Aug. 15, 2030 and a fixed spread of 65 bps;

• $15,397,000, or 9.63%, of the $159,823,000 outstanding 6.625% debentures due 2029 (Cusip: 039483AR3), with pricing based on the 0.625% U.S. Treasury due Aug. 15, 2030 and a fixed spread of 70 bps;

• $38,154,000, or 8.12%, of the $469,992,000 outstanding 5.375% debentures due 2035 (Cusip: 039483AU6), with pricing based on the 0.625% U.S. Treasury due Aug. 15, 2030 and a fixed spread of 90 bps;

• $92,071,000, or 18.41%, of the $500 million outstanding 3.75% notes due 2047 (Cusip: 039483BM3), with pricing based on the 1.375% U.S. Treasury due May 15, 2050 and a fixed spread of 80 bps;

• $4,425,000, or 2.69%, of the $164,412,000 outstanding 7% debentures due 2031 (Cusip: 039483AS1), with pricing based on the 0.625% U.S. Treasury due Aug. 15, 2030 and a fixed spread of 70 bps; and

• $46,228,000, or 12.08%, of the $382,655,000 outstanding 5.935% debentures due 2032 (Cusip: 039483AT9), with pricing based on the 0.625% U.S. Treasury due Aug. 15, 2030 and a fixed spread of 65 bps.

The company expects to accept for purchase all of the $664,843,000 early tendered securities. Holders are eligible to receive an early tender payment of $30 per $1,000 principal amount of early tendered securities.

The total consideration will be calculated at 10 a.m. ET on Sept. 22.

Notes purchased under the offers may be subject to proration.

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

BofA Securities (980 387-3907 or debt_advisory@bofa.com) and J.P. Morgan Securities LLC (866 834-4666 or 212 834-3424) are dealer managers for the tender offers.

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

The food processing company is based in Chicago.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.