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ADM plans $500 million of 30-year notes with spread talk in 100 to 105 bps area
By Cristal Cody
Chicago, Sept. 7 – Archer-Daniels-Midland Co. announced that it plans to sell a $500 million offering of 30-year notes that have spread talk in the Treasuries plus 100 basis points to 105 bps area, according to details from a market source and a 424B2 filing with the Securities and Exchange Commission.
The notes have a make-whole call and then a par call six months before maturity.
Any change-of-control offer would be at 101.
Barclays, BNP Paribas Securities Corp. and MUFG are listed as joint bookrunners.
Bank of New York Mellon has been hired as the trustee.
Faegre Drinker Biddle & Reath LLP is advising the issuer. Mayer Brown LLP is advising the underwriters.
Proceeds will be used to pay the redemption price for the full redemption of ADM’s $500 million outstanding 2.75% notes due March 27, 2025. Any remaining proceeds will be used for general corporate purposes, which may include, without limitation, repayment of commercial paper borrowings.
The Chicago-based company processes agricultural commodities and manufactures food and feed ingredients.
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