Archer-Daniels-Midland gives early results, pricing of upsized tender

By Wendy Van Sickle

Columbus, Ohio, Sept. 22 – Archer-Daniels-Midland Co. announced pricing and early results of its tender offer for 12 series of notes.

Additionally, the company increased the cap of the tender to $664,843,000 from $600 million, according to an earlier company news release on Tuesday.

The offer was announced on Sept. 8. The early tender deadline was 5 p.m. ET on Sept. 21.

Early tenders received and pricing per $1,000 of notes include the following, listed in order of acceptance priority:

• $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 note due May 15, 2050 plus 175 basis points for a total consideration of $2,091.68;

• $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 note due May 15, 2050 plus 90 bps for a total consideration of $1,587.54;

• $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 note due May 15, 2050 plus 85 bps for a total consideration of $1,507.73;

• $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 note due May 15, 2050 plus 85 bps for a total consideration of $1,385.42;

• $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 note due May 15, 2050 plus 80 bps for a total consideration of $1,319.08;

• $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 note due Aug. 15, 2030 plus 65 bps for a total consideration of $1,373.63;

• $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 note due Aug. 15, 2030 plus 65 bps for a total consideration of $1,382.93;

• $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 note due Aug. 15, 2030 plus 70 bps for a total consideration of $1,425.79;

• $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 note due Aug. 15, 2030 plus 90 bps for a total consideration of $1,507.11;

• $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 note due May 15, 2050 plus 80 bps for a total consideration of $1,306.96;

• $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 note due Aug. 15, 2030 plus 70 bps for a total consideration of $1,542.55; 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 note due Aug. 15, 2030 plus 65 bps for a total consideration of $1,512.33.

In each case, the pricing includes a $30 early tender premium per $1,000 principal amount for securities tendered by the early tender deadline.

The company said it will accept all of the early tenders.

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

Pricing was 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.

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.